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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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School District should be looking to “make tough Decisions” and be allowed to make those decisions now. In many cases, the PhD’s in the Illinois department of education make across the board decisions about the services the Districts will be required to provide. If they haven’t noticed, the State is broke. Their problem is they have no realistic sense of funding and the continued belief that funding is just a bottomless source of money for whatever these people dream up to make it look like they are doing a job. . Taxes in Illinois are in the top 3 states… Read more »
Being this is Illinois the answer will be that new taxes are needed. However if history is a guide the funding will initially come from not funding the pensions rather than raising taxes. While that will make the overall financial situation even worse Illinois voters apparently do not see it that way. Time will tell…time will tell.
Nearly seven years is and now they’re concerned about inflation?!
Wow – schools needing to be “adequately funded” – that’s not too subjective of a phrase, is it?
This is what the constitution say on school funding Article XConstitution of the State of Illinois ARTICLE XEDUCATIONSECTION 1. GOAL - FREE SCHOOLS A fundamental goal of the People of the State is the educational development of all persons to the limits of their capacities. The State shall provide for an efficient system of high quality public educational institutions and services. Education in public schools through the secondary level shall be free. There may be such other free education as the General Assembly provides by law. The State has the primary responsibility for financing the system of public education. (Source:… Read more »