-- 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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The teachers unions jump for joy! If more money worked, we’d see better test scores. Unions run this state and until that changes, IL is in big, big trouble.
None of this extra spending works. I mean, I wish it did. I wish we had high test scores for all students. But we just put lipstick on a pig, call it ‘equity’, and drive all smart kids out of the state. equity!
Wait, my understanding of EBF was an extra $300M/yr in funding over 10 years ($3B total). This article is telling me the extra $300M/yr is supposed to go to 2042, which is $7.5B total. Which one is it?