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.
Students’ learning and physical safety come behind increasing teachers’ pay, benefits and job security. Same for union contributions to politicians’ campaigns. Districts should gear up for the lawsuits from those who can allege or demonstrate harm. Some of the liability may not even be dischargable in bankruptcy, were the State to permit such attemmpts to evade liability. The bonanza for plaintiff lawyers should last for at least a decade. (They’re still fighting about Flint, MI).