-- 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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They really believe that the parents/taxpayers are idiots who will praise them to the heavens for dropping crumbs to the peons.
Wow! Considering that the $400K home pays approx $9,750 in property taxes and probably 55% of that or $5,364 is allocated to the schools that savings equals a 5.5% reduction. Every 10 years that home pays at least $53K in school taxes regardless if they have kids using the schools.
I would like to see that and other school districts address the administrative bloat first which could reduce taxes a lot more. I wonder how many asst supers, asst principals/etc they have?