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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 if millions of dollars have already been wasted on similar programs so let’s throw some more away
There is a large, and unfortunately, growing segment of the population that is hopeless.
How does this work. 7,000,000.00 / 3,000 = 2,333. So they set aside enough money to make the first week of payroll, where does the money come from after that?
Robert – you ask way too many logical and (what I am sure the PinHead Mayor would say) racist questions. You don’t understand. Ya see…this prOgram was formulated and conceived by highly educated and experienced government officials, fully trained on grift and money laundering. It is much more complex than just common-man simple math. Trust them…the Pin Head, his brother inlaw and cousins in CHittyhall know what they are doing.
“The investment aims to add up to 3,000 people to payrolls…” Charlie Wojciechowski should know better than to put his name to tripe like this PR piece. Chicago journalism is nonexistent, replaced by advocacy and activism on behalf of the DNC. Nowhere does Chuck mention that a floundering and desperate Mayor Cliff Notes asked for help digging out of the financial hole he created from Loop Capital founder Jim Reynolds and the Chicago Urban League’s Karen Freeman-Wilson. Mayor Notes tapped these two due to $1 billion shortfalls projected for Chicago finances for each of the next two years. This isn’t… Read more »
Why bother with early childhood education when CPS and CTU stop teaching kids when the kids enter CPS schools?
Funny how the lion’s share of money winds up in the areas that contribute the least. People in Section Eight housing, on SNAP and getting their schooling, medical care etc. paid by everyone else are hardly contributing to the tax base.
Illinois and certainly Chitcago does not have the money for this and a great many other things. Somehow the Pin Head keeps findings extra $7M to be able to add 3,000 employees. This is an “investment” in early childhood learning. Uh huh….ok. With test results that show education in the state of Illinois being the lowest in the nation, but has (by far) the highest costs, how is this going to help? Certainly, starting the learning process early is always the best approach and can have a positive impact…but the education business in Illinois doesn’t seem to care much about… Read more »
Unclear from article if the $7 mil is solely for SEIU child care workers? If yes, is this brando trying to save face with SEIU after CTU contract?
If passed HB2858 & SB1606 would be another giant win for SEIU at state medicaid level, from a couple days ago (https://www.chicagobusiness.com/health-care/nursing-homes-seiu-form-united-front-new-contract):
Not sure if increased pay, benefits & staffing would be paid for by feds or state?
So… where does the money come from then?