-- 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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Yep, in IL, it’s always a lack of sufficient investment in education, because enough taxpayer funds for education are never enough. Luckily, IL taxpayers have infinitely deep pockets, or so is the mindset of the unions and pols. If some university staff didn’t get outlandishly high salaries, pensions, and health benefits, that would help the budget deficit problems.
State universities need to live within their means, but they don’t. They should restructure themselves to offer classes and degrees that students want and eliminate those that are not profitable. This approach balances the supply and demand and right-sizes the staff and facilities. A private business has to do this every-single-day. Amazing that these highly educated people don’t get this concept. If you do not have the incoming students and their revenue to cover the cost of delivery…gotta reduce the costs and expenses. The answer should not be the tax payer through the State expanding the contribution to cover a… Read more »
You are looking at this as a taxpayer while promoting business-like management as your concern of highest interest presumably. That seems appealing on the surface but denies the idea that somethings are good to learn and have in society’s academic arsenal even if they don’t draw great enrollments. Surely we could think of several subject specialties such as Latin, archeology and horticulture as only three that might illustrate my point. Popular subjects are easy to name, but that’s not to say some might choose and even have satisfying, profitable lives choosing unpopular subjects still having some usefulness to society. Profit… Read more »