-- 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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Sharkey running for mayor? Has he announced yet? Though I don’t agree with his CTU politics, he’s a very effective administrator, and would probably be decent mayor.
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t the job of a teacher to I dont know TEACH not concern urself with this other stuffNo one asked CTU to ignore issues facing their students, just stop using them as bargaining chips. CTU doesn’t think that’s what their doing, but that’s the perception.
Want to improve social conditions? Negotiate your pension pick-up away in exchange for hiring more librarians and social workers. Have one-third of all union dues collected go directly into social programs. Commit for every $1 spent on political campaigns, $10 will be donated to housing programs. Put some of your own skin in the game.
Should I suppose you are equally altruistic? Somehow I doubt it.
I’m not the one whining about these things, they are. I’m also not the one with over $30 million in revenue last year, they were. Up until recently, CTU owned an apartment building in the Gold Coast that was supposed to be used as subsidized retired teacher housing. It was never near capacity as such, so they rented out the other units. Were those extra units ever offered at deep discounts for under-privileged CPS families? Did CTU ever appeal their property taxes and win, thereby shifting the property tax burden on those same under-privileged CPS families? Guess the answer to… Read more »
Frankly, Scarlett, I don’t give a damn.
CTU could invest their entire pension fund in Chicago sec 8 housing. Buy a bunch of apartment buildings in upperincome neighborhoods (maybe next to sharkeys lakefront mansion) or on nw side where all the ctu teachers live and go into the sec 8 apt biz….come on sharkey who you punken
I don’t think CTU has their own pension fund. Most of their pension-eligible employees piggyback off the Chicago Teachers Pension Fund, which means I don’t want them playing SJW when their investments underperform and taxpayers pay the difference.
Otherwise, I like your idea. All these housing advocates should buy real estate then rent back their units at whatever price they think is fair.