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.
This is what was so disingenuous about the ed funding bill. Everyone knew CPS was due to report a huge enrollment drop this year, but supporters were insistent that we “hold harmless” school districts based on LAST year’s enrollment numbers.
The high-seniority teacher burn-outs and high-paid make-work administrators are like looters following a hurricane or flood. They see the damage and understand the difficulty of recovery but they are single-minded upon getting “theirs” from the common leaky bucket before it’s totally empty.
The demographics of CPS enrollment decline are interesting. The students leaving CPS tend to be poor minorities that receive more federal and state grants than the average student. Unfortunately, CPS gets 45% from the same federal and state sources. So when a poor student leaves the system, Rahm and Claypool have to scrounge up more property tax dollars to make up the difference. It’s quite a dichotomy. Poor people leaving Chicago means opportunity for gentrification and importing more wealth in general. But poor people leaving should mean you need less social services and financial support from outside resources. Rahm wants… Read more »