-- 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
Here’s a thought…live within the budget like everyone else does, but no. If we gave them all the money in the world…it would still not be enough. This failed organization spends a range between $3400 and $40K per student. $7.7B budget. Insane. The amount of waste and corruption is incomprehensible.
Gosh. Here’s a coupla ideas: Maybe closing all the schools with enrollment at a fraction of capacity? And maybe firing a bunch of teachers? And firing much of the bloated administration at HQ?
Lori will show everyone she supports education. She’s going to pick CPS clean to the bone. Nobody will notice! She’s going to steal all of it before the moolinyan of the elected board get their claws into it. Everything will be fine until CPS can’t meet their payroll. Then……?
My understanding is that CPS enjoys a special status inasmuch as there is a requirement to raise property taxes on property owners if the schools have a budget shortfall. This is from memory so I could be wrong.
I think you are correct. CPS is simply one of many political organizations who can raise taxes on a whim. Special status! It won’t stop the democrats from picking the schools down to the marrow.