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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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The continued reduction in CPS enrollment should offset any need for property tax increases.
In fact, a property tax paid rebate is in order.
Did schools close? Did the number of teachers, para professionals or administrators go down? Did the rate of pay go down? No? The number of students went down so the amount of money that CPS gets from the state should be even less. Which means local property taxes will be needed to cover any shortfall. If anything, a greater increase in property taxes is in order.
The problem w/ CPS is that it is New Trier and Harvey rolled into one. In theory, every federal and state tax dollar given to CPS should go to south and west side schools while Lincoln Park schools are funded primarily by property taxes within that area. But if Chicago raises property taxes, it does so across the board. I don’t have an issue w/ Chicago keeping low enrollment schools open IF they are willing to fund those schools entirely themselves via property taxes. I’m not going to pay for a school in a dying neighborhood when it can be… Read more »
It’s not up to you. If the state changes the funding formula or the local district decides to keep them open then taxpayers will pay for those schools to remain open.
Union parasites are getting 2 chances to rob the taxpayers this year