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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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Here’s a thought Stop paying multi-millions of dollars to the sports head coach’s.
Put a $$$ cap on pensions of twice the maximum amount of what Social Security pays. No reason public sector should be paid outrages sums from taxpayers who make much less money.
Ya gotta love Illinois
Did you mean to say “Ya gotta leave Illinois”?
Illinois’ Department public universities have too few students. Univ of Illinois, a true flagship, can attract high paying out of state students and international students. It also has a sizable endowment, although nowhere that of a Michigan. Univ of Illinois can compete very well. Illinois Chicago has an advantage with a quality education offering with no room or board investment for both. The rest of the public institutions in Illinois suffer from enrollment woes in one way or another. Even Illinois State which has a relatively high enrollment (my parents school) has a very high acceptance rate because with very… Read more »
Here’s one main of the reasons for rising costs. Leslie Heffez is now getting a $736,281.40 pension in 2025 if my figures are correct on the state university pension database. Click on the drop down box till you get the state university box click on the year in the upper right hand year. 2022 should come up then add 3% every year for 2025.
https://pensions.illinoisanswers.org/?welcome=true?welcome=true
Just outrageous. And they call the funding of such pension scams “university funding”? Racketeering would be more like it – the payoff from the democrat politicians for all the education union dues money coming their way.