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.
It’s efficient because you don’t need to maintain buildings or pay for utilities. It’s efficient because you don’t need as many teachers or administrators. It’s efficient because children don’t need to travel. It’s efficient because you don’t need to maintain fleets of buses or hire drivers. It’s efficient because you don’t need school security or worry about protecting students. It’s efficient because parents can be more involved (if they choose). It’s efficient because you don’t need to worry about weather.
Because it is the unions that run Chicago and Illinois