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Comment: Note the remarks from JPMorgan’s Michael Cembalest, whose work we've written about often here. He said Illinois was one of two states where “deteriorations in pension finances … are practically irreversible.” In order to address its pension gap, Cembalest said the state would have to either increase tax revenues by 25 percent, increase public sector worker contributions by 689 percent or achieve an annual investment return equal to 11.5 percent.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
“Wealthy Illinois residents could see taxes spike” … or they could move out of state and see taxes lower. Let’s see, if I’m wealthy, which situation would be better?
With all of these crazy proposals to gouge the IL taxpayer, you’d think that the IL pols think moving out of state isn’t an option.
I don’t get it.
“Cembalest said the state would have to either increase tax revenues by 25 percent, increase public sector worker contributions by 689 percent or achieve an annual investment return equal to 11.5 percent” Why only focus on one? With all three, Illinois could be a liberal utopia! The state could pay for mobile abortion clinics to just roll up into neighborhoods with a bullhorn that shouts “abortions, abortions, abortion for free, abortions for everyone!” We could have marijuana dispensaries from vending machines in gas stations and public restrooms. My newest idea is the ‘homeless’ tax. Everyone has to take a homeless… Read more »