-- 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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Ugh, once again, people in charge with little or no financial acumen making huge-dollar financial decisions is a recipe for disaster.
Perhaps voters should demand political candidates have verifiable financial acumen.
Consider Mayor Johnson who was unable to manage his personal utility bills.
Right now a former rapper is running for NYC mayor. He’s an avowed Socialist offering freebies galore if elected. Does he have the financial acumen to deliver on his promises?
Call me skeptical.
…and the clown show (con job) rolls on:
1.) who knows what’s happen to all the ARPA-COVID $billions?
2.) Chicago, only major city without a charter requiring GAAP accounting?
My public sec neighbors have their giant home additions and new cars, etc…they don’t care
And people here tell me that jealousy isn’t the issue. How dare these police officers, firefighters and teachers have nice things.
Your tone deafness aside, there is plenty of jealousy on the mental disordered left’s side…”tax the rich, the rich need to pay their ‘fair share’, there should be no millionaires”.
100 percent agree Tommy. The left’s jealousy is next level on those issues. I’m not a fan of either behaving like that.
FYI, your tone deafness argument is the same one used by leftist to disparage billionaires. I believe people that earn their money, whether a billionaire or public sector worker, shouldn’t be made to feel guilty nor do they have anything to apologize for.
Here’s a newsflash for you PPF, I’m a public sector worker who is a conservative. I see the waste and ridiculous financial mismanagement every day. The problem is not that workers in the public sector are breaking the rules or doing anything illegal. The problem is that it is a rigged system in their favor at the expense of the taxpayers. Yeah, I know, if the taxpayers wanted a different outcome they should ahve voted for those who would do so. The problem is that we are passed the Rubicon here and the system is truly rigged and gerrymandered that… Read more »
Yup, Just public sec millionaires, like are master carpetbagger equity hustling heroes–stacy & brando
When it’s time to, “. Pay the piper”,
look out!
How would you describe the budget– Clown show? Con job? Public sec deserve “nice things”? Total professional competence?
As lifelong city resident, I’ll stick with con job.
While few people begrudge police and fire getting compensated, an adjacent article here talks about $700 million being paid in police lawsuits with 200 cases upcoming with a potential of $1-2 billion more in payouts. As for the teachers, who can justify payouts for teachers with the atrocious test scores for CPS students? Should be some accountability for the taxpayers money.
You can’t justify teachers being paid because of outcomes but you can justify police being compensated with the current crime outcomes? This is the consistent double standard that I see here often. That doesn’t make any sense.
If you don’t like the outcomes of public schools then the state and local school boards will need to change what they are doing. Don’t blame the front line worker doing their job as instructed.
Please, many states and school districts have accountability standards and reviews for teachers. When has a CPS teacher been fired for poor performance reviews? CPS reviews, if they exist, only rubber stamp teachers. They only seem to get fired for sexually abusing students. So, who do you blame for student’s poor test scores if not the front line worker?
Pritzker just signed Senate bill that teachers will no longer be evaluated based on student performance on test scores. Obviously, biggest booster is IL Fed of Teachers. Instead, evaluations will be based on “timely constructive criticism”. Who will be doing an unbiased constructive evaluation? Other union members?
That is a horrible comparison, the police effectively cannot do their jobs, the teachers can.
And, for the zillionth time, ZERO layoffs or cuts from all the ARPA-COVID $bucks that was supposed to be ONE TIME funding. (over at CPS a few lowly SEIU get the axe while upper-income, majority white, CTU get basically ZERO cuts…EQUITY!!)