-- 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.
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In Illinois, read the fine print. Public Act 101-32…amends the County Motor Fuel Tax Law, 55 ILCS 5/5-1035.1: 1) “increasing the initial maximum tax rate that can be imposed from four cents per gallon to eight cents per gallon and that the rate may not be less than four cents per gallon.” So Will County has the freedom to enact the tax BUT the state set an arbitrary floor as to impede competition between the counties. I’m sure Cook County is dying for the collar counties to raise their rates so they can also raise their 6 cent rate. 2)… Read more »
This is what happens when orange man bad and the county goes blue. Sad place out there in Will County.