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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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Pensions are the root of all evil. Has nothing to do with education but everything to do with GREED.
Illinois educational system is the largest Ponzi scheme in the nation.
The cost per student is a funny number. First, it isn’t spent on students, per se, it is largely a component of legacy costs as the article points out. The students don’t benefit from a $200,000 professors salary, and certainly don’t benefit from their probably $25,000 health care costs. Lower paid professors in other states are likely just as intelligent, or more so, than the ones entrenched in Illinois to take advantage of the benefits. Second, if Illinois could manage to keep more in-state students or attract more students in general, that spending per pupil would go down. Since the… Read more »