-- 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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“The rest of the world ,,, (is) going to understand …” I love how some people in Chicago think Chicago is so important that the rest of the world is interested in what it does. Outside of Chicago, most of the people in this country interested in what Chicago does are not tuning in for the reason CTU thinks.
In the hurricane of hot air regarding the tsunami, nary a mention that the vast majority of those being let go are useless, DEI administrative positions, not teachers. As Gates fits into the professional agitator category, she is of course alarmed. Ditto Weingarten, Mayor Dope, etc.
Let’s help out Wilmette Talking To Winnetka’s very own Matt Masterson: 25 cents out of every dollar the Department of Education gobbles up actually make it to the stated funding purpose. Let’s rephrase that. 75 cents out of every dollar forcibly confiscated from taxpayers vanishes into bureaucrat pockets, rather than helping educate America’s children. America is 39 trillion dollars in debt and something has to change or the change will be forced upon us. Eliminating this morass would ostensibly mean more money going where it was intended instead of trapped in the ossified government industrial complex. Stacy Gates needs her… Read more »
The largest part of the DOE is the student loan program is which is a taxpayer to leftwing academia grift with 18 year old students as the middleman. Raze the DOE and salt the earth.
Amen to that. The worst examples are the loans for degrees that don’t come equipped with a paying job after graduation. Berklee College of Music is a serial offender.
I saw some stat that said upwards of 99% of borrowers stopped paying their student loans during the covid-19 deferment. The government wasn’t even charging interest for three years, you could make payments and it would all go towards principal. And 1% of students actually made any payments.
Why would one pay down a loan that has 0% interest. Better to shift that money to something that that earns interest. (I assume many/most spent and did not invest). But still probably a better option. No reason to pay off a 0% loan.
I don’t know, to get out of debt? The arbitrage a 20 something will earn investing your $300 a month student loan payment in equities instead paying down debt is negligible after taxes. It’s better to pay off those loans, get out of debt, and then start thinking about other things rather than risk the $20 a month you could make after taxes. Student loans are an albatross around the necks of college graduates. They delay marriage, household formation, child rearing and home purchasing. .
So the federal Government taxes us, takes their cut, then gives us our money back with strings attached. Does anyone see anything wrong with this picture?
All schools are local.
There are no federal schools.
We don’t have a federal Dept. of Firehouses.
We don’t need a federal Dept. of Education.
Gates has the unmitigated gall to talk about honoring children? She and the entire CTU should be sent packing . Until Chicago is released from the shackles of the teachers union, Children will not be a priority in Illinois.
Such bullcrap coming from bullcrap