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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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More taxes on millionaires and corporations? Define “Millionaire.” Is that in worth or income. Is it net or gross? Which accounting method is used? Which corporations? C-Corporations or S-Corporations? LLC’s? Partnerships? You do realize that C-corporations are already subject to double income taxation. Once at the corporate level and once at the shareholder level. But hey as the leader of the “teachers” union stated, using perfect grammar, “We don’t care who pay.” And yet people still believe that this is salvageable. The unions, true to their organized crime affiliations, don’t care where the money comes from. Just get it or… Read more »
As BJ stated, “first we get the money.”
In my downstate neck of the woods when teachers mention striking the parents overwhelmingly demand that those schools be open. Mention school performance and one hears crickets. One might opine it is all about babysitting paid for by others.
Or maybe parents don’t want their children used as hostages to union extortion demands.
This is part of the masquerade of collective bargaining that bunts the ball closer to star of the school year. It’s time NOW for a best and final offer with a short time fuse and then commence the lock-out for as long as it takes. If this could be done while simultaneously laying-off enough teachers to get to an appropriate and affording staffing level, go for it!
Cuts are off the table with Mayor. There is low hanging fruit with woefully underutilized schools but they won’t be touched (indeed there is a moratorium on school closings now). Revenue projections won’t improve and the billions in shortfalls predicted are real. So as is typical with Govt, no one is going to give a best and final offer because that would fall far short of the union’s demands, involve cuts, and would harm Johnson’s key constituency. Delay and passing documents back and forth to give an illusion of progress will be in play. Query whether there will be a… Read more »
Is Johnson in charge of this? I understand that the bargaining team may be lackeys of the mayor (and I’m not a labor lawyer) but it’s not really bargaining when the parties are not at arms’ length.
See: Bargaining in Bad Faith: Dealing with “False Negotiators” – PON – Program on Negotiation at Harvard Law School
The taxpayer will end up paying the price. Highest cost of education and lowest quality of education. The taxpayers pay twice.
Looks like the CTU may have to settle for only a ridiculously generous contract instead of an off-the-chart generous contract. I suppose we’re to consider that a victory for the Chicago taxpayer.
Fascinating – CPS’ says there is no money (accurate), but their boss Johnson clearly is on the side of the union. The Mayor clearly is on the hot seat here. Not a place in which he is comfortable.
The cost of a terrible education is about to go significantly higher.
Yep, and a mind used to be a terrible thing to waste.