-- 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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The concern of teachers’ salary progression outpacing salary progression in the private sector receives almost no press. However, this is a major contributor of the huge tax burden on the IL taxpayer. IL public school teachers are already overpaid, and this contributes to high pensions. Then, when a teacher averages, say, six percent annual raises, comprised of contractual raises plus prorated step increases (compared to, say, three percent raises in the private sector), the tax burden grows exponentially. Put another way, the tax burden grows worse over time.
These pay increases are insane. The first item up should have been replacing all history teachers with virtual delivery. Watch these overpaid, obsolete, useless predatory pieces of human debris freak out when they realize there is nothing they do that virtual education can not deliver in superior fashion. Teacher lead classroom is so 1800s…it is ridiculous that we keep replicating an obsolete paradigm. Technology allows each child to progress at their natural rate of development without being hindered by their age based peers, allows for instantaneous feedback, allows a student to go in depth in subject they have a deep… Read more »
I have to admit, some of the history stories I’ve watched on youtube are amazing. Better than anything I was taught in school. History that’s taught in schools now is all about victims and oppressors thanks to Howard Zinn, our marxist historian.
… plus step increases. Even though a teacher doesn’t necessarily get a step increase every year, the average salary progression per year will be about six percent; much higher than the typical private-sector worker’s salary progression. This is another example of the misuse of taxpayer money.