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The $35,000 report from the consulting firm Baker Tilly, commissioned by the district, concludes there are no easy solutions to funding both a new teachers' contract and the pension payment. It presents three possible options, noting that two—budget cuts, employee furloughs, and increasing TIF surplus funds—would be difficult to implement.
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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CTU plan is to pick meat off the not-yet-dead carcass of the soon-to-financially-fail City of Chicago and toss any borrowing onto the taxpayers. All the other unions can go pound sand. CTU are the worst of the evil of public sector union parasitic leeches. I look forward to stepping on the begging CTU gutter vermin after the city financially fails. I may let my dog take a bite out of their other wise useless corpses.
How can it be that neither the city nor CPS want to make the payment for the sacred pensions? And CTU wants the money for themselves. They are obviously trying to steal from pensioners. There can be no other explanation.
I finally saw one article that explained this. My understanding is the city is on the hook to make the pension catch up payment. Lightfoot managed to get an inter-government agreement for cps to cover the portion of cps employees. Cps obliged at the time because they had excess money due to federal covid funds. At the time, ctu was upset, including Johnson; having the city pay wouldn’t take funds out of cps. City has paid the catch up + an additional $168M payment. If cps sticks with the “not out problem”, the city could pull the extra payment back… Read more »
Johnson should check his diaper; it is his mess to deal with.
The curtain has been pulled back for all to see how the political class see’s debt: I’ll be long gone when the bill comes due. It’s been this way for 50 years. What needs to happen is a younger generation of Conservative leaders who, not only are they not going to engage in such philosophy, but that we’re not going to saddle my generation with the previous’ debt.
Debts that cannot be repaid will not be repaid. There is a default in the future.
Take a shovel, head to St. Adelberts Cemetery and dig up those nuns from yesterdecade!
Adalberts
I had Christian Brothers bring them along also.
Pay freeze, cut teachers, or CLOSE near empty schools.
“No, no, no! “”say the CPS employees where the staff outnumber the students . “ My generous pension is my God given right and I’ll kill anyone that tries to touch it!”.