-- 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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Of course Minnesota differs from Illinois in numerous ways. One, not mentioned in the article, is their longstanding (since 1971) program for sharing growth in real estate tax revenues.
Well after all CTU is running the show with absolutely no opposition.
More for schools equates to throwing more money at a system that is already failing and with the teacher’s unions in full support we can assume any additional funding will end up in their pocketbooks. The school systems had a great opportunity to improve with the covid funds but, in Illinois case, things simply got worse proving more money s not the answer no matter how Gates tries to package it.
CTU wants to use every trick to get what they want.