-- 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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Lots of talk and details about how the tax payers will pay the district more and how the teachers will be paid more and more…just because…but not a lot of details about how the district and teachers performance will be measured to be paid the extra percentages that they outline. Lots of gimme, gimme…but no details or performance requirements. I guess the answer is if they show up…they get paid. Its a 19 step system. No really…a 19 step system. Lets see how complex we can make this, so the tax payer can never understand how or why they are… Read more »