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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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The Sun times is very very Leftist. So this to come from them is most telling.
JB should ask his minions to pass a (at least temporary) state wide real-estate tax freeze so Chicago can’t just raise it’s taxes on the people to pay for this and must address the real problem.
Here’s an article from the Trib about the schools.
https://www.yahoo.com/news/editorial-lessons-detroit-chicago-public-100000085.html
JB knows if he caves to CTU and gives CPS the $1.1 bil they’re demanding to fund all the CTU CRAZY demands (9% raises, keeping all the empty schools open, hiring a ton new CTU teachers, etc, etc) under the guise of EBF then that will set the standard state wide in all Illinois CRAZY +600 school district for teachers to ask for same deals going forward. Asking for 9% raises will become the norm!!! Probably 9% raises will become the norm for all Illinois CRAZY +7,000 units of gov for that matter as well. I’m still confused how 9%… Read more »
Or, precedent wiil be set where all the other teachers unions negotiating contracts with 852 Illinois school districts will insist districts take out high interest loans to pay for 9% pay raises, etc justified under EBFs. As it looks like there’s nothing stopping CTU/Brandon & crew from getting there way and taking out high interest loans, taxpayers be damned.