-- 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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Fair Deal?
Does anyone know what the future pension of
Northwest Suburban High School District 214 Superintendent Scott Rowe will be.
Talk about a fair deal for the taxpayers. And at what age?
You will fall off you chair when you find out the total payout amounts, with all the benefits.
Talk about a “FAIR DEAL”.
Agree-The retired supers/assistant supers and the top administrative bloat plus professors and upper brass are the ones who are depleting the pension funds because of the huge payouts. Many are making $200K pensions and more. The average teacher may get $40-$45K which is 4-5 times less than the supers. Many supers also get hired in another state so they can also get another pension. Former Belvidere’s Super retired and tried unsuccessfully to get hired as a super in other states but failed but he is still working in the area at a private school which is legal. This is data… Read more »
Arlington Heights homeowners should study the cautionary tale that is Woodstock IL. TIF, and schools spending far beyond the means of the community, have created a 4% property tax rate for 16 years. There is no contributory development, only TIF projects which create higher tax levies to pay for TIF properties’ freeloader services. As a result of obscene property tax rates (4% vs. <2% in Chicago, <1% around America), Non-TIF property values sink year after year relative to inflation and relative to properties everywhere else in America. Before any discussions with private developers, city officials must demonstrate that they understand… Read more »