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The deal marks Johnson’s first major union agreement since taking office five months ago. And it was reached with a group whose leader was one of Johnson’s loudest detractors during the mayoral campaign. It’s unclear what impact the agreement could have on the city’s bottom line.
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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So, I guess 20% pay raises over 4 years (or 5% a year) will be the minimum starting point for what CTU will be demanding next year as well as other city unions going forward? I believe I read another article, that FOP got 12 week parental leave, same as CTU, also.
When you factor in the lifetime pensions the number is just HUGE.