-- 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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“Illinois higher education in disarray; can it be saved?’
You know what it means when the headline contains a question….the answer is always ‘No’
Actually the answer is always more money. It took this article a few paragraphs to get to that, but eventually it walked into it.
The faculty and and administrations have fouled their own nests. In most cases it’s not a matter of technological displacement. Math and hard science may be worth preserving but as to the rest a slow death is basically assured. First the administrators fire everyone not tenured; then they fire those with least seniority. What’s left will be primarily high-paid and high-cost (health-wise) burnouts. Graduates with life-long loads of debt are beginning to realize that they are unemployable at compensation that will service their debt. (Perhaps they’ll be able to buy houses in Chicago.) Everybody including the professors and administrators could… Read more »