-- 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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Gov Rauner is RIGHT !!!!! Structural changes are needed. My god, I looked at the budget and Revenue for CPS is $3B from local prop taxes, $2B from the state, and $1B from the federal govt (means from ME, an out-of state taxpayer, I’ve been out of ILL for 43 years and I pay a couple bucks a year for Chicago schools. Insane. Anyway so CPS gets $6B/year for revenue……and apparently they can’t make it work for their 30,000 ‘ees. That’s $200,000 per employee being spent. I know it takes money to for heating and lighting for each school, but… Read more »