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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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Ralph is a one man walking, talking conflict of interest. His “Center For Tax and Budget Accountability” is primarily funded by public unions including CTU. He is effectively a lobbyist for these unions. He was on the Oak Park & River Forest HS District 200 board that voted to bypass voters, a referendum, and the advice of its own Community Finance Committee (which included several CPA’s and an individual who heads up operations for an exponentially larger school district) to approve a $102 million (not counting overruns and interest) to build what is essentially a large pool with seating for… Read more »
Ralphie Martire is back and ‘lefter’ than ever. “Illinois hasn’t fully funded the EBF because it lacks the fiscal wherewithal to do so…” Predictably, Ralphie whines that revenue hasn’t kept up with expenses. Either Ralphie doesn’t shop for groceries or he never consults his home servants regarding the ever upward sums of cash exchanged for the same shopping cart full of goodies. The Chumbolones have to do with less, but not Ralphie’s sanctified CTU and IEA members. Nay nay. It’s not about what the community can afford, its about what school employees deserve. The taxpayer be damned. Have test scores… Read more »
$29K/student not enough for Chicago, he thinks. “Underfunded.”
“Underfunded” in this case means not having enough money to cover bloat and other mismanagement.