Respectfully submitted by Lawrence E. Rafferty (rafflaw)-Weekend Contributor
Over the last few years we have seen many stories and articles that discuss the problems States and Municipalities are having in paying their public pension payments and how various politicians propose to fix those “problems”. The politicians almost always seem to blame the pension problems on the overpaid government workers and their unions. The idea that Wall Street might have something to do with these government pension plans being underfunded is rarely discussed. Until now.
A significant portion of the funds deposited in government employee pension plans is invested with Wall Street. According to one recent study, the public pension plans are paying at least $5.4 Billion dollars each year to Wall Street. Continue reading “Follow The Money” →
Below is today’s column in USA Today. The column was actually written after I went to Chicago for Christmas and experienced firsthand the speed traps created by the city to trap drivers. My home town is a case study of the twisted logic that goes into fleecing citizens. Chicagoans are paying the highest cost for parking in the nation after outgoing mayor Richard Daley Jr. signed away a 99-year-lease to all city meters (and later accepted a job with the firm that negotiated the deal).
Illinois also has the second highest property tax rates in the country; the highest cell phone taxes in the country; and the highest restaurant taxes of any major city. Even if you try to flee the city taxes, you are hit with the nation’s highest airport parking fees in the country.
To put it simply, citizens are tapped out. Instead of raising taxes further, the city decided to find a way to generate revenue and actually blame the citizens. It installed a system of cameras that would make Kim Jong-Un blush combined with the shortest yellow lights in the nation.
Now Emanuel has backed down after years of his Administration dismissing complaints from citizens. His close reelection rather than decency appears the motivation. In the past, his government has defended the patchwork system of lights. Chicago officials insisted that other cities are also using the three-second light, including Boston and New York City. However, in New York, no red light camera tickets are issued until 0.3 seconds into the red light and Boston does not have red light cameras at all (and use the three-second yellows only downtown). However, Chicago is not alone in this perverse revenue grab.
The column is below:
Continue reading “Playing Red Light, Green Light With Citizens” →
Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor
I guess you don’t have to be from Chicago or Illinois to know who Rahm Emanuel is. The current Mayor of the City of Chicago, Rahm Emanuel is the former chief of staff to President Obama and a former Congressman. He is also a former investment banker. It has been alleged that this former investment banker has been crying poor since he entered office and proposing that city workers must pay more into their pension funds and get less pay and benefits.
“If you’ve read the financial news out of Chicago the last few weeks, you’ve probably heard that the city faces a major pension shortfall, supposedly because police officers, firefighters, teachers and other public workers are selfishly bleeding the city dry.
You’ve also probably heard that the only way investment banker-turned-mayor Rahm Emanuel can deal with the seemingly dire situation is to slash his public workers’ retirement benefits and to jack up property taxes on those who aren’t politically connected enough to have secured themselves special exemptions.” Pandodaily Continue reading “Mr. Mayor, Show Us the Money!” →