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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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How about an independent oversight committee, with no ties to the state or the city come in ad audit the situation ? Totally unbiased and let their findings stand. That would be worth watching.
The article seems to imply the state would come in to correct the situation CPS has found itself in, but Illinois finances clearly show that they are not the “fixer”. They need the Feds – or any adult who has had a class in Economics 101 – to step in. It is hard to imagine a deal where tax dollars aren’t promised to be diverted to CPS so they don’t have to make any real decisions for consolidation of schools and or elimination of crappy teachers. And to add to the wish list of an unlikely event, how about the… Read more »
So people in Carbondale will bail CPS out for its profligate spending? It would make more sense to allow it to file bankruptcy which it effectively is.
I wonder if BLM Brandon and Commrade Gates will cry racism when this inevitable step is taken. An anecdote… On Friday, I attended a Professional Development at which there were 7 participants and 3 (!) presenters – all Central Office staff. They claimed they weren’t sure how many people were going to attend. Why?!?! I got a calendar invite and responded that I would be there. Granted these presenters are already paid as admin, so cancelling wouldn’t have saved any money. But, I share this as a micro-example of the thousands of inefficiencies that are present in CPS. Three to… Read more »
Reality always wins. Some people don’t accept it until reality slaps them in the head. A lot of that type run our schools.
The same type also runs the state. They both need a serious dose of reality.
Yes, yes, yes! I am not sure whether the particular plan discussed here is the right one but it’s the right idea, IMO.