-- 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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These school have no incentive or interest in right sizing their operation to address the incoming revenue. They just go back to the state-well for more money and mo money. Any other business would have to adjust and demand performance and cuts. Nope – not state schools…just go back to the state for more money. And the damn state gives it to them without any strings or performance guidelines/requirements. Pathetic.
Over the decades had politicians made the prescribed pension contributions we wouldn’t be in this pickle.
Instead, they took pension contribution holidays and kicked the can down the road.
But we taxpayers always were billed the required amount via property and other taxes every year regardless of pension holidays. I do not recall that we were given any breaks on any of our taxes in those years due to pension holidays. Where did the money go since our tax $$$ was never appropriated towards the pension system but yet it still was collected? To me that’s misappropriation of tax money and it is a criminal offense if not it should be. If you or I did that with any company money we would be in prison.
True – but we’re not wise like our politicians. Upon election they all became energy experts and green energy grifters.
And you’re right – no breaks for taxpayers, no in Illinois. Not ever. Never were, never will be.
JOURNALISMING! Maybe if these universities had controlled their spending, knowing that the extra money wasn’t coming from the state, they’d be more competitive on price, and they could have maintained a competitive edge in the college market place. But instead, they jacked up tuition over the years, which mostly paid for salaries and pensions (have you seen the dumpy 60 year old dorms and facilities at these schools), overloaded on DIE staff, and whine, “We can’t get students to indebt themselves to attend our crappy antiracist school”. LOL. I hope they all fail.
Like this guy’s pension. https://www.taxpayereducation.org/2019/07/13th-annual-illinois-pension-report/ This report is from 2019 so his pension should be approx $675,000/yr or $56,250 per month or $12,980 per week or better yet $324 per hour on a 40 hour workweek.. Almost $20K increase this year due to the 3% compounding which that alone is more than the average SS payment. Last I read he is still in private practice as an oral surgeon?