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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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A striker’s husband said the strike is justified because there is a surplus. According to the tribune … Teachers are arguing that the district “is in a surplus state. They have the money,” to provide raises. It would be a different issue if the district didn’t have the money on hand, but since there is money available, it seems unfair not to keep teachers competitive with neighboring districts.
You see teachers should have any surplus, not the taxpayer
There is no surplus when pensions are taken into account. Hiking the salaries will hike the unfunded pension liability. Given pensions are less than 40% funded, that’s a huge problem which has been occurring since the inception of the TRS pension fund (TRS was never fully funded). Pension funding is not a mandated consideration in collective bargaining, even though pension benefits cannot be diminished or impaired. Pension benefits can be, and were, hiked, while pensions were underfunded. Salaries can be, and were, hiked, while pensions were underfunded. Current healthcare benefits can be, and were, hiked, while pensions were underfunded. Retiree… Read more »
Over 90% of Geneva School District 304’s educational revenues come from property taxes:
http://www.geneva304.org/Downloads/2018-19%20Adopted%20Budget.pdf
As strikers they are as lazy as they are in the classroom. Earlier today I drove around looking for some of these bastards to heckle and could not find a single one. I would enjoy antagonizing these scum. If they picket they must do it during banker hours when the productive class are working in order to support these miscreants.
Why heckle? That’s what the unionistas want out of every strike. You’re the one who ends up looking like the rich, unfeeling guy yelling at mostly women standing in the cold. Instead, buy them a Box O Joe from Dunkin Donuts and say, “I don’t agree with you, but I respect your right to free speech. But just so you know, I’m barely getting by myself with the property taxes. Any hikes will either push me out of my home or force me to dip into my meek retirement savings.” The sincerity in your level opposition will floor them. And… Read more »
It is called scorn. Simple as that.
They’re striking for higher salaries which results in higher property taxes. Kane County already has very high property tax rates. This is another example of the death spiral. It’s never good when your property taxes increase but your property value doesn’t. When that happens enough times, even some die-hard IL residents pack up and leave. Some remaining residents say good riddance, not realizing they’re on the receiving end of the effect of the death spiral.