-- 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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How does this make any sense? Teaching positions will be lost due to budget cuts, but CPS guarantees those teachers a job elsewhere in the system. Rearranging deck chairs on the Titanic.
And in a special “in your face” to Wirepoints, a school with 35 students and 23 current staff members will add 9 more staff positions. So there!
If only teachers had shown as much diligence to educating kids as they show to downvoting any negative comments about the education system…
I was curious who, but that makes a lot of sense.
They need to close the near empty schools and show teachers the door.