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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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Most people would say $30K/student/yr is overfunded, not underfunded.
If $30,000 per year per student is not fully funded, what is? Whatever it is you should all definitely pony up. It’s your civic duty as the slaves you are. If you don’t like being compared to slaves, don’t act like slaves.
CPS SHOULD FILE BANKRUPTCY
Is CTU’s “walk-in” today on class time?
From CPS web site, it looks like fed COVID /ESSER funds are $2.8 bil over 5 yrs, or $560 mil a yr? (.https://www.cps.edu/about/finance/budget/budget-2024/revenue-2024/) I guess that will be just one of CPS revenue source Gates & crew will be looking for dopey taxpayer/ homeowners to pick up on top of gigantic new CTU $$$contract$$$? How is ESSER funding or all of the crazy CTU contract demands addressed in EBF?
As COVID funds run out the scary bigger picture for Illinois taxpayers, not just for CPS, but for the entire state +600 school districts & crazy 7,000 units of gov, are taxpayers going to be forced to pick up the tab, especially in regards to new hires and pay raises, handed out during COVID? With all of Illinois public sector worker protections, Amendment 1, etc, will it even be possible to make necessary furloughs, layoffs, salary cuts, permanent remote work, etc, etc? I’d expect a ton of court challenges at the least from are public sec heros if & when… Read more »
Here’s the skinny from state ESSER site on CPS (dist 299) on what $2.9 bil in ESSER COVID funds where spent on (https://www.isbe.net/Pages/ESSER-Spending-Dashboard.aspx):
While state as whole spent $7.8 bil in ESSER COVID funds on:
OOCH,,…no wonder Stacy’s out flappen her jaws,
Are these the astronomical $billions$ dopey Chicago/ Illinois taxpayers are going to be on the hook for?
Hope I got this right (could make for some good WP research)
I think an across the board pay cut of thirty per cent would help the district achieve full funding.
Hmm….I wonder if she considers the private school she sends her kid to at
Chicago property taxpayers expense, “fully funded.”