-- 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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Let’s see, mark g is estimating a $8B shortfall, 20% of budgeted revenues.
We are continuing to pay government employees full pay and benefits.
While taxpaying businesses are destroyed.
Is the university downsizing its payroll to show solidarity with the growing number of unemployed taxpayers? And tuition payers?
Fewer taxpayers, Fewer dollars for education.
That’s how math works!
Universities should be required to dip into 50% of their endowments before receiving any federal aid. UofI is sitting on $2.5 billion in endowments. I’m sure their donors will understand.
How about U of I get some aid from China, esp since U of I bent over backwards to admit Chinese students over deserving Illinois students ?
Loss of Chinese students will indeed be a big issue for them and others. But remember that U of I was smart enough, about a couple years ago, to buy what was basically insurance against that. Not sure whether it will cover this circumstance.
Upwards of a quarter of the school is international students. So woke, yet, so lucrative too. They bash Trump for delaying visas to keep up the international diversity of the school. It turns out many of those students were from a communist dictatorship that spread the Wuhan Virus around the world. Oooops! They never saw that one coming! Reminds me of the plastic bag banning bill that was about to pass the IL legislature. They wanted everyone to bring reusable bags…How woke was that! Turns out that those very same bags are the source of disease, as the sick shoppers… Read more »
Does UI also need aid every summer when there are fewer students around?
Ya know what I seek aid to