-- 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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Can any of these low enrollment schools share teachers. Do they have art class every day or can the art teacher split between a few schools, same with music and perhaps other classes too. Obviously the union wants to bloat the membership rolls as much as possible but this article really shows the unfettered greed of CTU. Can’t they create a “traveling” teacher category that gets a higher pay scale.
“A government that robs Peter to pay Paul can always depend on the support of Paul” – George Bernard Shaw.
Rephrasing, a goverment that robs from taxpayers to satiate CTU/public unions can always depend on the support of CTU/public unions, and thus protect their permanent political class jobs and their own pensions.
Would have been more interesting (however a good article for once) it they actually knew or calculated the cost for keeping this one school open. 32 teaches, the standard for industry including salary/insurance/whatever is 250K per employee, teachers in Chicago probably higher but, 32 x 250K is already to 8 million without even considering the building costs and everything else per year which have to be at least 2 million. (probably more) that’s 286K per student.
Great trib editorial! Also, the CPS $700 mil projected budget shortfall doesn’t include whatever CTU/Brandon’s going to hand over to his CTU buddies as well as what’s already been awarded to SEIU.
Nothing to see here Zippy will take care of everything.