-- 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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Is this another study, similar to the one about pensions, where one side argues the economic impact of something without measuring opportunity cost? If the total economic output of community colleges is $3.5B at a cost of $1.3B, isn’t the question if that $1.3B could have generated a better return if spent elsewhere? I’m not saying community colleges aren’t a good investment, just how they measure that investment. The report showed in fiscal 2020, the total economic output of Illinois community colleges on the statewide economy is estimated at $3.5 billion and 43,316 jobs. During that time, the schools directly… Read more »