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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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This fool more than triples his salary by becoming a consultant to governor Slobbo. Wow, he must really be a ‘fiercely devoted public servant’. Are all the sad clowns in Springfield current on their royalty payments to Ringling Brothers? ILLINOIS IS DOOMED !
Manar was an architect of a new school funding bill that according to Manar “would devote (new) money first and foremost to school districts that are spending well below their adequacy targets” meaning once again the Chicago School District was a big winner in the funding race. This will not only reward Manar in his wallet today but in years to come with hiked pension benefits. Once again another burden put upon Illinois citizenry to benefit the Chicago School district and a politician’s pension. No wonder the Democrats say we need more taxes.
(https://www.sj-r.com/news/20170327/sen-andy-manar-files-new-school-funding-reform-bill)
Since Rauner signed that bill in 2017, CPS enrollment has declined 30,000 students. I don’t recall exactly how the hold harmless provision in evidence-based funding works, but I think CPS funding is at least locked in to that 2017 enrollment number. If CPS spends $15,000 per student, that means they should have an extra $450 million to spread around. Of course, they still can’t make that windfall work.
How is this arrangement legal? Think of the potential issues, a billionaire propping up a private/public shadow cabinet funded by unaccounted for dollars. Only in Illinois!
Sounds pretty nifty all in all. Outside interests could send money to the new LLC for some sort of dubious services that could then be directed at various political figures as compensation. What a great new way to reward our fine politicians. By golly its a wonder Madigan didn’t think of this himself.
I wouldn’t be surprised to find out that he did think of it and just gave JB the marching orders.