-- 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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Illinois already is in the top highest paying school teachers. Problem is Illinois sucks due to decades of democratic rule.
They’re all moving to Chicago. Less work , better pay. And nobody judges your teaching skills. Win win
Might help if today’s teachers get the Tier 1 pension that current retiree’s get!
But all state paid pensions need a annual cap! Suggest $200,000 yr! Illinois Constitution change that needs to be made by the voters of Illinois as Illinois IS broke and the Demoncrats just keep kicking the can!
And no double pensions. Police, Fire, School and other leaders retiring at 55, then getting hired to run other departments, ultimately getting a second pension! This is wrong! The taxpayers of Illinois Cannot afford it!
Why would it cost more than the actual salaries paid to teachers? If there actually is a shortage of teachers, District’s budgets should include the staffing costs for the needed teachers already, so why would this cost an additional $600M. $600M…this is just another education, school district con.