-- 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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Much ado about nothing. $1 trillion divided by 19 million is less than $53,000 per year. This does not appear outrageous considering that the average public employee has higher educational credentials than the average private sector employee. Maybe that is why virtually every reputable academic study done on this topic shows that public sector employees on average are actually underpaid, when controlling for education and experience.
You must be smoking the ganja a little early, Andrew, but it ain’t legal yet in this state, so I’m not sure what else you’re smoking with your nonsense. Here’s your ‘study’.
https://news.illinois.edu/view/6367/204866
State workers in Illinois underpaid, new study finds:
(according to research by a University of Illinois labor expert, a state employee!)
(is this the ‘virtually every reputable academic study ‘????)
vs.
https://www.forbes.com/sites/adamandrzejewski/2017/07/25/why-illinois-is-in-trouble-63000-public-employees-with-100000-salaries-cost-taxpayers-10b/#3e9152cf1141
Why Illinois Is In Trouble – 63,000 Public Employees With $100,000+ Salaries Cost Taxpayers $10B
“Illinois is broke and continues to flirt with junk bond status. But the state’s financial woes aren’t stopping 63,000 government employees from bringing home six-figure salaries and higher.
Whenever we open the books, Illinois is consistently one of the worst offenders. Recently, we found auto pound supervisors in Chicago making $144,453; nurses at state corrections earning up to $254,781; junior college presidents making $465,420; university doctors earning $1.6 million; and 84 small-town “managers” out-earning every U.S. governor.”
“20,295 teachers and school administrators – including superintendents Joyce Carmine ($398,229) at Park Forest School District 63, Troy Paraday ($384,138) at Calumet City School District 155, and Jon Nebor ($377,409) at Indian Springs School District 109. Four of the top five salaries are in the south suburbs – not the affluent north shore.” SOOO you’re telling me that teachers with administrator credentials could get better, higher paying jobs in the private sector? With their crappy low ranked, toilet tiered degrees from teacher factories like National Lewis, ISU and Dominican? Are you kidding me? The new superintendent of Palatine school dist… Read more »