by meep
Chicago is deep in debt.
As the Little Red Hen might ask: Who Will Help Chicago Get Out Of That Hole?
I am not going to make the mistake of Meredith Whitney — Chicago, for now, has cash flow, which to politicians means it’s not bankrupt!
Anybody who looks at Truth...
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ABC7 Chicago: How a Chicago income tax could solve the city’s revenue problem, without touching property taxes
During his campaign, Mayor Brandon Johnson promised to raise $800 million in new revenue for Chicago, without touching property taxes, which are usually how cities come up with the money they need in...
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The Detroit bankruptcy was filed in federal court in July 2013, and I look at the history since then. There is a lawsuit going on right now in 2023, involving the Detroit police and fire pension fund, which relates to its deal from the bankruptcy workout. In addition, the school system wasn’t involved in the bankruptcy. I look at STUMP’s coverage of Detroit’s woes over the past decade.
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From The Other McCain: Congratulations, Massachusetts Liberals: Your ‘Millionaire Tax’ Just Cost the Patriots an All-Pro Wide Receiver
Background on this piece: DeAndre Hopkins was released by the Arizona Cardinals in May, after they couldn’t find a team on the other side to trade him, so he had been...
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I will be getting back to the mortality updates soon enough, but to cheer myself up, I’m going to look at some tax news!
NBCDFW: Texas House, Senate agree to ‘biggest property tax cut in Texas history’
After weeks of quarreling, the Texas House and Senate...
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I’ve decided to bring back Taxing Tuesday as a regular feature for a few reasons.
The main reason is that it’s pretty clear that governments are revenue-hungry and are finding their current sources will not be enough to fulfill the old promises they’ve made (I’ll be writing about that soon enough)...
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Pensions & Investments: North Carolina passes Republican bill blocking ESG investments
The North Carolina Legislature passed a bill to block state entities from considering environmental, social and governance factors when making investment and employment decisions, sending the Republican-led bill to Democratic Gov. Roy Cooper.
The state Senate passed the bill...
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Continuing my series spotlighting my favorite sources on public finance data and policy, today I’m looking at Truth in Accounting.
I just did a quick search on “Truth in Accounting” and this blog (which has been around since 2014 on STUMP.marypat.org), and they have appeared in 63...
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In which I discuss some of the fiscal plans for Chicago of the new mayor Brandon Johnson and some of his political friends… and the constraints they will labor under: a population that has already shrunk and a significant revenue target that has already threatened to up stakes and move out of Illinois entirely.
by meep
This is not a new issue.
When public pensions in the United States started, many were on a pay-as-they-go basis.
Then the Great Depression hit.
So people learned that pre-funding pensions might be a good idea.
But fully funding those pensions, even with very optimistic assumptions, has turned out to be...
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