-- 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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Artical states–‘CPS was bracing for a significant increase in teacher absenteeism projected to be 12.4 percent, or about 2,500 teachers. That’s 35 percent higher than last Wednesday, meaning about 640 more teachers than usual either called in sick, took a personal day, or a day without pay.’ Thats, (avg# of teachers absent per day) x .35 = 640 days, or 640 ÷ .35 =1,829 average# of teachers absent per day!! Or with 180 school days, thats 180 x 1,829 = 329,220 days teachers are absent per school year!!! Mind boggling !!!(or is my math wrong?).