-- 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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And is it true that a majority of CPS Union Teachers, (Who have children) send their own children to private schools?
per sharkey quote-the 10,000 drop in students are almost 100% entirely from low income minority families who have figuring out, like the rest of, us chicagos un-affordable. his solution is more tax subsidies to incite poor folks stay in the city and fill up under-performing schools (for his members) and cc jail. non-minority whites / asians have only added 250 students (ie-the flood of upper income hippsters the city dreams of to turn chi into sanfranscisco aren’t having kids). and meanwhile ctu’s planning another strike?
That’s a feature, not a bug. I think CPS spends $16,000 per student. So a loss of 10,000 students, along with the state and federal govts providing 45% of CPS revenue, translates to $70M of education funding that could have otherwise been allocated to other school districts. Pretty appalling.