-- 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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CPS needs to be dissolved. All contracts voided. All pensions nullified. Then start a New CPS with new managemen, new staff, new teachers and, most important, no teachers union.
The budget is absolutely within their control. Just like all Illinoisans are asked to suck it up to pay real estate taxes. Cut some spending CPS! There is no way all these teachers are needed if you aren’t even in school.