-- Connecting the dots between our economy, government and business --
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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Teachers here in Rockford teachers voted themselves earlier this year a $20.6 million raise over 3 years. Then the superintendent and others received a raise. What do we have to show for it? Many failing schools. Rockford dist 205 also has the highest pension spike penalties at $1.1mil since 2011 in the state. Add in prior to 2011 another $1.885 mil in penalties. Maybe their raises were too small? My property taxes are $6,900 on a $157K value and what do I have to show for it. Nothing!!