-- 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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Yes, spend money fix up schools with low enrollment in neighborhoods where residents are fleeing. CPS has been doubling down on stupid for 100 years!
New cps $7.7 billions 2019/2020 budget for 361,000 students or $7.7 bill / 361,000 = crazy $21,300 per student (w minimal benfit payments and not inc $ state picks up). Beyond insane in a city with medium family income of $43gs. Crain’s Chicago Business: Public Schools $7.7 billion budget released.
https://www.chicagobusiness.com/education/mayor-lightfoot-no-reason-cps-union-cant-reach-deal
Your right. $21K per student is crazy but that is the average. What is the average for schools that have 200 or fewer that could hold 1200? Is there a breakdown of individual school costs vs enrollment? All schools have principals/ bloated administrations plus all the upkeep.