-- 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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A lengthy article illuminating the Chicago Public Schools challenges facing Johnson, that doesn’t once mention the fact that CPS has proven incapable of teaching kids to read, write and add at grade level at vast and crippling taxpayer expense.
Over 80% of CPS students ‘graduate’ from high school even though well over two thirds of them have failed to achieve academic goals, and almost half have been chronically truant.
Not a word about about those facts from our union friends at the Sun Times, and not by accidental omission either.
What’s next? Bankruptcy
Mayor Johnson is beholden to CTU, needs to “make good” on huge huge huge CTU campaign financial and manpower contributions towards his successful election.
Await huge huge huge concessions to CTU.
And remember, 80% of Chicago revenues go towards funding pensions, but pensions are only 25% funded on average. Look for RE Taxes to double within next two years.