-- 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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Quick facts:
Decatur population growth 2010-2019: -7.1%
Decatur public schools (DPS) total enrollment (K-12): 8,767
COVID funding/student: $8,700
Annual spend/student: $12,100 vs $14,500 state avg
Decatur median household income: $42,700 vs $65,900 state avg
DPS graduation rate: 79% vs 88% state avg
Why do those tied to government always seem to get the windfall?