-- 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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CPS budget is $9.5B for 330K students so that is $28,787 per pupil. There are 1.7M students for the rest of Illinois. Total Illinois school costs are approx $32B which Chicago is using almost 1/3rd of the entire state that means the cost is $13,235.for each in the rest of the state. So are Chicago students getting more than twice the educationc considering they spend twice as much? Cost for a private tutor is around $23 per hour one on one 6 hours a day 5 days a week for 36 weeks is $24,840 or $4K less than CPS. If… Read more »