-- 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 has again demonstrated thieves rule the day. I’m going to become a consultant for CPS. CPS should recruit by claiming you’ll be allowed to steal as long as you share or kick up. It’s just like the city council; all you can steal! Whatever happened to Tunney? He’s been very quite and out of sight. Is it still the blind pig he was running?
Is this a “more payroll more pensions” situations or has that been fixed for new hires?
There are approx 340,658 students in Chicago’s public schools at a cost of $9.3B which is $27,300 per student. This is approaching Rondout Dist 72 which has 130 students with 17 teachers at approx $30K per student.Student/teacher ratio at Rondout is 8:1
A sad state of affairs when a local school district depends on the Fed for 11% of its budget. Imagine if every school district operated this way.