-- Connecting the dots between our economy, government and business --
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
“Who Will Chicago Tax If the Rich Say ‘Enough’? ”
We all know the answer is suburbanites who travel into the city for any reason. City income tax for suburban residents plus some sort of entry and exit toll for non-residents whenever they cross over that imaginary line at Howard, Canfield, Harlem…
We just got back from a vacation.. We went to Milwaukee. I calculated the tax savings on hotel and food and saved $168 on just that. The Milwaukee Hilton was cheaper than the Palmer House, Hilton Chicago, or Drake on just the base room rate(even though they had a convention and the tax savings was enormous. The 6% restaurant tax was easy to swallow. The $5 a day (with in and our privileges) at the garage across the street was a huge additional savings over Chicago. The museum was superb and on Friday nights you have your pick of fish… Read more »
I’m very familiar with Milwaukee. Certainly is a cheaper locale. The tourism aspect is much smaller of course and so is the employment market. Tough time keeping young folk there. Of my 20 or so cousins who grew up in Milwaukee, ranging from ages 34-60 only 2 stayed in Milwaukee Yes, that’s right – of the 20, only two stayed. And they’re both in their 50’s now and their children aren’t even growing up in Milwaukee either. It’s starting to revitalize with some hipster type stuff in various spots but it’s basically one big suburb with a nice downtown, a… Read more »