-- 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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If you put this in terms of a business: -Less customers (students) -same store traffic declining (declining enrollment schools) -declining product quality (basic subject matter competency abysmal at every level) -less investors (declining tax paying population) -and a combative, corrupt, litigious workforce (that’s you CTU) How on earth do you have the cajones to ask for more money. Sane tax payers should be demanding a 20% budget reduction, 20% trim of the worthless middle management layer that hasn’t been near a student in decades, close schools that have less than 40% utilization and immediate recertification of every educator in CPS.… Read more »
How is the budget $9.3B one year and $4B the next year? Am I missing something?
That’s $4B in local revenue. There’s another $4.5B coming from the fed and state combined.
Thanks–so is true total budget = $4B local + $4.5B fed & state + $pension payments +$pension payments by state (+$23B in pension debt)? to educate 330,000 kids