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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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With their step increases and annual contractual raises, a $40K minimum salary would get young teachers to $100K or more in salary in a relatively short period of time and well on their way to their six-figure pensions. Once again, this is way out of line with the average IL worker, especially considering teaching isn’t a 12-month job. Teacher salary, benefits, and retirement packages should be reduced based on a comparison to private-sector jobs, including a separate factor to lower teacher salaries based on working less hours per year than full-time, private-sector workers. Also, keep in mind that many teachers… Read more »
Having a $40,000 minimum wage for teachers is fine with me when the school districts start charging tuition. Then parents should file for reimbursement from the state. Let the parents determine what teachers and employees should make not lawmakers. This still mostly falls upon local taxpayers (60% local-30%state-10%fed) which is another tax increase. Free education is O.K. as long as someone else pays for it. Eliminate school property taxes for seniors and for households that do not have children. Around the Atlanta region seniors get up to a 2/3rds reduction for property taxes because they do not use the school… Read more »
What’s funny is all these teacher contracts with salaries under $40,000 were collectively bargained for and willfully signed by the unions themselves. No matter, the money will probably come out of lower salaries on the top end, smaller raises, or more expensive health care.