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Ted was on with Tom Miller this week talking about the clear rejection by Illinois voters of Gov. Pritzker’s progressive tax hike.
Read Wirepoints’ summary of what happened here:
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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I read this over at CapitolFax and I have to fully agree with Rich Miller on his writing on this one when he printed “ He (Pritzker) put literally everything on this tax vote and he came up way short.” Pritzker was spending like a drunken sailor and at the same time shutting down businesses’ that provided revenue to the State creating a double whammy. Now that Pritzker’s gamble didn’t pay off the Illinois citizenry is now saddled with additional debt and no way to pay it off without a Federal bailout that at the moment seems highly unlikely. The… Read more »
Let’s be real. What happens here is the only option for government: The Fed will allow special pension bond purchases, by them or others (who would want to buy these besides them, lol) and the collateral damage will be done. Inflation will ensue, as confidence won’t last in the USD at that point. The people “will get their promised” XYZ, but the value of the dollar in real terms will not be akin to what they think. It’ll be funny when they admit this but then don’t blame the right people (themselves and the pols who planned this). Who really… Read more »
There was no way in HE** he and his billionaire family would have paid their fair share. It would all have been passed down to the low man on totem pole to pay.
You can say hell here. We’re not that PC. Heck, you can even say bullshit. How else can you comment about IL government.
The seven words you can’t say on television can all be applied to Illinois politics in some way.
Pritzker politically has been mortally wounded by the ‘Fair Tax’ loss. Beginning of the end for him.
And the fact that he called out more than half the state of being uneducated and other names before threatening all of us with. Higher taxes should be reason enough to impeach him!
Yea ,but the dum-o-crat electorate in this state will probably reelect ole governor fat body
Excellent analysis Ted– as usual. And David– you are right. If the voters don’t wizen up they will continue to get the same corrupt, inept and deceitful Democrat pols they have been supporting for decades. tough to feel sorry for them any longer.