-- Connecting the dots between our economy, government and business --
The demonstrations, held in dozens of cities, including Chicago, were part of the National Day of Resistance, organized by a coalition of teachers unions, social justice organizations and the Democratic Socialists of America.
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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Ya know, pretty soon parents are going to realize we don’t need gov’t schools anymore. Just sayin’. 😉
“…a plan that puts teachers and students at risk…”. Like shopping on Oak Street? Articulate the specific risks… Use science and data… Please. Otherwise, just acknowledge this has little to do with Covid-19.
The time to worry about inequities was in 2014, when the new rule GASB-68 required schools to post their unfunded pension liabilities on balance sheets. Most schools suddenly became bankrupt on paper. But teachers said “our pensions are affordable”. So now in 2020 CPS is $25 billion in debt with no options except budget cuts.