-- 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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It is pathetic that this has come to this end. The warning signs are all over the place, the business decisions to solve these issues are well known, the problem has been talked about for decades…and yet, here they are…marching forward into absurdity. Continuing to do the same thing and hoping for a different outcome. The tax payers of this state should not be required to bail out the corrupt useless, gutless, ball-less, brain-less government organizations, especially CPS. Close it. Fire them all. Start over and let the chips fall where they may.
NEWS FLASH!!! SHOCKER!!!—-ST-WBEZ/S Karp actually mentions all the now spent ARPA-COVID $funding$ and all the new hires!!!:
To nobody’s surprise all CPS has to do is return to 2019, pre-COVID spending and hiring.
how many of the CPS 7,000 hires since 2019 are:
–CTU Members?
–SEIU Members?
–covered by collective bargaining contracts?
–could be justified as necessary part of EBF?
I say get the school voucher plan up and running. Parental choice in schools. Close down the schools not in use and sell them. Fire the teachers no longer needed. And chop the dead weight in offices. That sounds slimming
“School Board President Sean Harden has argued borrowing cash is the only option that will not immediately impact the student experience.” – wrong! The student experience, whatever that means, would not be impacted, immediately or long term, by culling the heard of the bloated admin bureaucracy. Start there.
How much would be saved by firing the 9,000 teachers hired during COVID while student levels dropped and closing many of the more than 1/2 empty schools?