-- 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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Why not shutdown unused schools , consolidate resources and dump under performing teachers. ? That with upgrades benefit all
97% of the teachers are rated satisfactory or better. That means about around 750 teachers aren’t meeting expectations. These teachers will either improve or they will be removed. In the most recent layoff announcement, I believe this is the first factor used in determining who was let go.
Shutting down schools and consolidating schools is another political animal all of its own. Good luck telling a neighborhood in Chicago their local school is closing. While it should be done, the voters seem to get quite upset when anything is proposed.
Don’t sell it. DO it.