-- 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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Pritzker’s comments are so disingenuous. He knows there is no way to lower property taxes given the financial condition of the government entities within this state. What magic pot of money does he have that would allow property taxes to be lowered? At some point every local entity will look like Harvey. Services cut to the bone and still in debt with no way forward. JB is hoping for another pandemic and a money printing federal government for bailout part 2.
What about tuition? Most people if you ask them would not know the per pupil expenditures in their school district. When they get a bill for $15K to $30 K per child maybe their eyes would be open to the administrative bloat they have to pay for and demand reforms. The parents can be reimbursed the minimum per child expenditures required by law from the state which is approx $6.500 the rest is tuition. When they see that there are 5 or 6 assistant superintendents (like Belvidere) that they pay for they would be inclined to get more involved in… Read more »