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Chicago Public Schools says it's confident it will be able to pay for the contract—but only with $100 million a year in new property taxes and aid from the state, aid that may be dependent on enacting a graduated income tax.
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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As I’m reading this article it occurs to me that CPS, CTU have all mastered the art of obfuscation and lying. Nobody wants to admit that our property taxes will get slammed with increases again, because they all know that this is becoming a very hot potato with taxpayers. But again, the “progressive income tax” unicorn is there to save us all. The magical unicorn I have named PIT (progressive income tax) is now apparently going to pay the increase in costs for this bloated and excessive teacher contract. There are many others riding PIT’s back as well, and PIT… Read more »