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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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Just go away Ralph. No one believes a thing you say.
No mention of the huge increase in pension funding over that same time period. We’re contributing around $2 billion more per year to higher-ed pensions than we did in 2000.
“higher-ed funding not only vacillated significantly over time, but has actually been cut in real terms by over 40 percent since Fiscal Year 2000.”
This appears to be another Commission dedicated to developing a funding formula to match the the ultimate out come they want. So, they determine the answer first and then just build a formula to fund it. This does nothing to address right sizing and restructuring these university’s operations and course offerings to match the demand. This is all about the equitable distribution of tuition funds…the financial organization of these state university entities are currently structured to serve the employees and teachers, their salaries and pensions. How about this “Commission” look at the courses and degrees these organizations offer and determine… Read more »