-- 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 Chicago Teachers Union (CTU), representing more than 25,000 teachers and the roughly 400,000 students and families they serve,”
LOL Roughly? Nice spin. CPS enrollment last year was 361,314. That’s “roughly” 350,000 students.
“In Chicago, Mayor Rahm Emanuel told countless parents and teachers that he could not afford to raise teacher pay and keep their schools open. Out of the other side of his mouth, however, he offered a more than $2 billion “incentive package” to Amazon — the wealthiest company in the world, which pays an effective tax rate of zero.” Luckily, Amazon didn’t get that tax break. As for the socialist perspective, it’s kind of ironic that the teachers who literally destroyed public education are the sames ones demanding more pay, and more staff (ie union members) to fix the very… Read more »
And in that entire field, I don’t see a single leader. Every one of them is just jumping from one bandwagon to another.