-- 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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“Althea McCaskill has been a bus aide with Chicago Public Schools for 10 years and makes about $16,000 a year…she is paid for four hours.” According to the CPS-SEIU contract, a bus aide makes $19.80/hr, or $80/day. I get that there’s not much time during the middle of the day to work another job, but that’s why CPS pays a premium of nearly $20/hr. How much do we have to pay people to work a few hours a day with extended summer and holiday breaks? Should someone only working 4 hours per day be expected to be the breadwinner of… Read more »