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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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I love the political speak of saying nothing, issuing platitudes and generally obfuscating the questions all for the consumption of the ritually stupid, otherwise known as Illinois voters. Does anybody other than the sycophantic media or the brain damaged left buy this stuff? Does anybody see that a lot of words are constantly devoted to saying nothing? You wonder what it all means? It all means more of the same and more taxes for the same result.
“School disruptions” were perpetuated by CTU and other unions.
This guy needs to start a dispensary he’s certainly smoking some good stuff.
These School Districts have never had so much of a funding problem as a spending problem. Like kids in a candy store stealing the candy. Taxpayers do your own research and look over their check registries. You will find in many instances, food, parties, decorations, gifts, restaurants, golf outings, luncheons and breakfasts to every rotary club, lions club, chamber of commerce in as wide an area as the school district covers. Public funds are to be used for Public use and that is not what is happening in many of these School Districts. No accountability from the Administrators as to… Read more »
Yep, it seems the public schools have been taught to always poor mouth. And by the way, who broke Federal immigration law and brought all these illegals into the state and granted them access to everything citizen taxpayers have been paying for? Yes, most school districts have a severe spending problem. Public education in IL can be significantly leaned out, and the same sorry results wouldn’t change. Only the well fed administrators and teachers may have to go on a slight diet.
Spot on Jack. Stacey would have to live with less hair coiffing, makeup and a modest wardrobe.
^^very well put^^
The article resembles a typical Pritzker propaganda piece. We’re doing great things! I don’t expect the guy that oversees schools in Illinois to be a Debbie Downer, but you don’t get a real view of the challenges the state faces at all. We’ll know a lot more after watching the school districts struggle to keep their fiscal performance above water over the next year.
Bankruptcy, and make it quick.
When I started doing bankruptcy work as a lawyer years ago, that’s the first thing I was taught: Do it fast, comprehensively and decisively — some form of reorganization or bankruptcy. Otherwise, the problems just grow, reducing prospects for a successful fresh start. All the forces of government do just the opposite: deny, delay, extend and pretend.
You agree with a Nobel Prize winning Economist when asked, I believe his first two words were Stop Digging followed by bankruptcy ASAP.
Yes, but bankruptcy often doesn’t solve problems, but also makes things worse too, especially for the equity owners who prefer to not pull off the band-aid quickly. Reorganization, from my understanding, is difficult, because the business needs to make enough money to pay its ongoing bills AND catch up on the past due bills, and a failing business that can’t do either is doomed.
Yep – Bankruptcy. Close it. Fire them all. Start over. Or don’t. They won’t though…CPS will pretend there is a solution and keep kicking the can down the road with more and more debt. Dragging the tax payer with them.
And bust that union. The root cancer of it all.