-- 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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They should file bankruptcy and renegotiate all the contracts. The taxpayers just cannot afford the CPS currently.
They just negotiated the contract. It stays and isn’t going anywhere.
Even if and how current $730 mil CPS deficit is met to pay for the GIANT CTU wins, empty class rooms, ARPA-COVID funding made permanent, etc, etc dopey taxpayer are still supposed to buy-in that CPS is somehow vastly underfunded per state EBF….we’re in la-la land folks
I’ll take da over on $730MM!!
Cook County taxpayers get ready for higher taxes baby!!
How about BJ’s idea of a head tax, $500 per student.
Chicago loves regressive taxing, no one with enough money would have their kids in Chicago schools if they could afford not including 1/2 the teachers.