-- 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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Tap up another redistribution plan as the State will send funds to certain school districts meaning other districts will be penalized and have to pay higher property taxes for schools that, more often than not, are really not producing the well educated graduates that they should. Leave it to Illinois once again to redistribute income to reward the failing districts while penalizing the districts with better performing students.
How many of these school districts grew in size despite enrollment declines? The districts hired more for less students. The budgets grew year after year and property taxes increased year over year. Where was the state funding for decades now to help taxpayers out? It is after all the primary goal for the state to fund public education. If you notice many of the schools are in very close proximity of each other mostly on the south side. Dolton-Park Forest-Thornton (2)-Homewood-Hazel Crest are all somewhat close to each other and each has their own Supers-assistant supers all pulling huge salaries.… Read more »