-- 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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Wirepoints is attracting a barrage of downvotes these days. They didn’t bother when they were confident in their power. Seems they are getting nervous, and are monitoring everything.
BTW, downvoters, you missed one that I posted a while ago.
Yes, and we view it as a good thing! From all we can tell, more and more people in power are reading us and more on the far left. That’s good. Maybe it’s a sign that their closed-mindedness and disregard for criticism is cracking. Maybe some day they will say why they vote down, but don’t count on it. They’d rather just downvote and grumble than attempt something constructive.
Higher Ed needs to work on living within the means of their business. Regardless of whether they are private or public. When the university system has expanded and added people and programs, etc., and they don’t have the money to cover the expenses of these developments…they turn to the state to increase the State’s financial support. It doesn’t appear that the State ever says no to the university system. Seems like they need to try and balance the profitable courses and degrees against the less than profitable offerings and re-aim their focus on balancing the actual revenue and costs. We… Read more »
I fully agree that the higher education industry has a lack of focus on efficiency of delivery, and on the of the outcomes from its consumers. They could cut costs by trimming their ridiculously bloated administrative ranks. But they choose not to, and just whine. And the outcomes are so poor, that the conman in the white house tries to push the consumers debt on all taxpayers. No wonder the citizens are truly questions who they should expose their children to such a poorly run industry. Very poor role models.
The push for student debt forgiveness is a tacit admission that the product is not worth the price. Another example of leftist inability to associate cause and effect.
According the the federal reserve, the average student loan payment is less than $300. Paying off student loans requires tightening the belt for most borrowers and many of them, because they’re liberal Democrats, can’t control their spending. So what happens is that the interest starts to accrue, especially with borrowers with 6%, 7 or 8% interest rates, the interest just keeps accruing during periods of non-payment. If you can’t start paying off your student loans aggressively the moment you leave school, you get screwed paying off interest for the rest of your life. I paid off my student loans but… Read more »
I absolutely agree that an education is extremely valuable. I said the product is not worth the price because the product of universities today does not mainly consist of actual education.
The product is the fancy piece of paper with the name of the fancy school on it. University of Illinois, University of Michigan, Loyola, Northwestern, UW-Madison, Duke, Clemson. The highest paying jobs for grads in Chicago with the Fortune 500 companies, the big insurance companies, the professional and consulting firms. They only want to see that fancy name on the degree. Sure, you might learn something at another school, but they don’t care. I have one buddy who works in management in insurance in Chicago, he’s the only guy without a college degree from a Big 10 quality or better… Read more »