-- 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
My middle finger can plug it.
Alakazam!
Three quarters of a billion dollars suddenly appeared out of thin air. Mayor Cliff Notes can continue to pay his masters in the CTU.
Need to lay off 1,000’s of teachers.
Well, sure, but these are the Mayor’s union friends. Also, how to remove the incompetent teachers while retaining the helpful ones?
And shutter a bunch of underutilized schools.
These actions are intended to address this year… What about next year? The fact still remains, that there needs to be dramatic cuts in staff and services to refocus on education. The district needs to educate, not baby sit. But hey, guess we will worry about that next year…
Mayor Cliff Notes has never had a responsible position in the private sector, so the idea of planning for tomorrow or next week, much less next year is not a concept he grasps.
This must be the dizzying intellect he told us we were jealous of.
Did the tooth fairy visit them last night?
So we can cut most of the $734, and find the rest in slop from the TIF funds, and like magic, the budget problem is solved. And there is no negative impact on classroom expenditures. What does that tell you about how much fat has been in this budget all along. Almost a billion dollars just showed up like fairy dust.