-- Connecting the dots between our economy, government and business --
Washington sent supplements of $600 a week. Since the pandemic ravaged low-wage sectors like retail sales and restaurants, adding $600 a week to the lowest unemployment benefits pushed many recipients’ purchasing power above what they had while working.
In Illinois, for example, per capita personal income actually rose as the pandemic kicked in. It climbed to $66,224 in the second quarter, from $59,896 in the first, according to the state’s Office of Management and Budget.
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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Recently online vendors have had to start collecting sales taxes. My question is how much newly discovered sales taxes has Illinois harvested compared to covid related loss of tax revenues? I don’t know of any way to find the answer to this and notice how the politicians remain quite reticent on the matter making me assume that the answer to the question would be just another reveal of another typical mess once again.