-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The problem is and should be Where is all the tax money going to? The school dist in Park Forest/Harvey and there are at least 9 more within a 40-50 block radius all became larger with smaller enrollments. Each district has their own super with assn’t supers most making over $200K and up to $140K for the assistant. Also they are under Ptell rules so that when property values go down such as Harvey the tax rate goes up to compensate which lowers property values more and tax rates go up some more. That whole area should have 1 super… Read more »
Fred, you’re confusing a Democratic Party jobs program with education.