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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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As Vallas has pointed out, too many non-teachers on the payroll. Isn’t that what Chicago has always done at its schools and city colleges–add to the militant union membership by hiring unnecessary clerical workers, etc. etc. Chicago corruption means waste of taxpayer dollars. Where public sector unions exercise their power, there’s always waste, inefficiency and workers with little to do or incompetent workers who can’t be fired unless there’s a serious budget crisis and leaders at the top actually do something about the budget crisis. And, by the way, Chicago also doesn’t care much that many of these employees and… Read more »
Correct. Here in Rockford the school district has 4,700 employees but only 1,700 or so are teachers. The budget keeps getting bigger even with declining enrollment.
It must be done or it appears the city will tank.