|June 29th, 2015, 12:07 PM||#11|
Join Date: Nov 2012
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|June 30th, 2015, 09:21 AM||#12|
I'm debt free
Join Date: Nov 2012
Location: Lebanon, TN
GA and SC are exceptions, The NE as I stated do not with exception of Maine.
Last edited by TNVolunteer73; June 30th, 2015 at 09:26 AM.
|September 11th, 2015, 09:40 AM||#13|
Join Date: Nov 2012
I can't believe how greedy these Union People as well as these Chicago teachers have been and still are! They should all be fired.!!! and if you're too lazy to read this you deserve to be screwed.
The Chicago Public Schools, or CPS, pension crisis is arguably the best example of how Illinois politicians have used and abused government-run pensions.
In 1999, CPS pensions were fully funded. Today, those pensions are $9.5 billion in the hole.
That’s because Chicago politicians have turned teachers’ pensions, meant to provide teachers with retirement security, into a political tool and slush fund.
Now, Mayor Rahm Emanuel and other politicians want taxpayers to believe that CPS never had enough money to fund both teachers’ pensions and classrooms, and that CPS had no choice but to shortchange teachers’ pensions.
The implication is that taxpayers didn't do their part and it's time for them to pay up.
But a close review of the school district’s finances over the past 20 years shows that revenues were never the issue; Illinois and Chicago taxpayers contributed more than enough money to pay for both, had the funds just been properly managed.
Taxpayer-provided revenue to CPS more than doubled since 1997, pushing per-student spending to more than $15,000 in 2014. Had that spending grown at the rate of inflation, CPS would be spending only $11,824 per student today.
Two terrible policy choices drove CPS to this point: pension pickups and pension holidays.
Teachers are legally required to contribute 9 percent of their salaries toward their pensions. But since 1981, CPS has agreed to pick up 7 percent of the teachers’ contribution.
Over the last decade, CPS has spent more than $1.2 billion on these pension pickups. In 2014 alone, the practice cost CPS over $130 million. If teachers had made their own full pension contributions, CPS could have increased the employer contribution.
Now CPS wants teachers to begin paying for their own pensions again, something the Chicago Teachers Union, or CTU, considers “strikeworthy.”
CPS officials – with the consent of the Illinois General Assembly – enacted a 10-year “pension holiday” from 1995 to 2005, diverting more than $1 billion away from pension payments and toward school operations, including, most notably, salary increases. CPS enacted another pension holiday in 2010, again worth more than $1 billion.
The results of those diversions have been catastrophic for teachers’ pensions. By 2013, the teachers’ pension fund had just half the money needed to pay out future pension benefits. All told, pension holidays shorted the teachers’ pension fund by $2.8 billion.
But it's not as if that money simply disappeared.
The money diverted from pensions allowed teachers to receive pay increases averaging 4.2 percent per year from 1998 to 2012, making Chicago teachers the highest-paid educators among the nation’s 10 largest school districts.
And because salaries determine future pension payouts, the pay increases helped boost pension benefits 6 percent annually over a 17-year period. The pension shortfall today would be $4 billion to $6 billion less had those benefits simply grown at a more modest rate.
Where was the Chicago Teachers Union?
The fact that CTU did not direct any serious protest at the pension holidays may have had to do with the fact that the money diverted away from pension payments was going to CTU members.
Even Diana Ferguson, the school district’s chief financial officer in 2010, admitted the diverted pension money went to pay for salary increases and other benefits. "It’s not as if we are keeping the money from them,” she told the Chicago Tribune.
The best evidence of CTU’s apparent unwillingness to defend pensions is the 2012 teachers’ strike.
Instead of marching for retirement security, CTU demanded 30 percent raises despite knowing that CPS faced a $1 billion deficit and a nearly bankrupt pension plan. The teachers ended up receiving raises of 16 percent, costing the district more than $200 million from 2012 to 2015.
CTU took it too far.
The strike and the ensuing financial collapse led to school closures, thousands of pink slips and a junk-bond rating for the district.
Not another penny
Now, city leaders are calling on Chicagoans and Illinoisans to pay billions more in property and other taxes to clean up their mess.
But before taxpayers put in another penny, they need a guarantee that this won't happen again. That means making tough reforms such as ending pension pickups, which would save the district $1.5 billion over the next 10 years alone.
And it means ending the failed pension system for new teachers.
Pension systems are inherently political, opaque and void of accountability. As long as politicians maintain control over pensions, they’ll always find ways to exploit them and pass on the costs to taxpayers.
Instead, teachers and taxpayers deserve a guarantee in the form of self-managed plans such as 401(k)s. Pension benefits earned to date would be protected, but all new teachers would participate in a 401(k) plan – owned and controlled by the teachers themselves – which politicians couldn’t touch.
That would mean real retirement security for teachers and the ability of taxpayers to finally hold politicians accountable.
Defined-contribution plans such as 401(k)s won't make up for the political chicanery of the last 20 years, but at least they'll end it going forward.
Vice President of Policy
|September 11th, 2015, 10:00 AM||#14|
Join Date: Jun 2014
Location: United States
No, your agenda is to get money from the government and make a profit. Everyone is aware of the charter school greed.
Study: Chicago charter schools lag traditional ones - Chicago Tribune
And your charter schools are failing the students, but making a heck of a profit.
|October 15th, 2015, 02:06 PM||#15|
Join Date: Nov 2012
Teacher's put the screws to the taxpayers.
It's good to be King and also a Teacher!
The May decision of the Illinois Supreme Court, which held that pensions for current government employees can’t be modified, has shifted the public’s focus away from the biggest driver of Illinois’ fiscal crisis.
Illinoisans turned their attention away from the state’s ailing government-worker pensions toward Illinois’ nearly four-month-long budget impasse and the state’s inability to pay its bills. Illinois has been operating without a budget since July 1, 2015, as Gov. Bruce Rauner battles the Democratic-controlled General Assembly over economic and spending reforms needed to turn Illinois around.
But Illinois’ pension crisis reared its ugly head again when Illinois Comptroller Leslie Munger announced Oct. 14 the state cash-flow crunch is affecting Illinois’ ability to meet its government-worker pension obligations.
Munger said the state would likely delay its November $560 million contribution to the state’s government-worker pension funds. She also said the state might delay its December pension payment as well.
That’s not good news for Illinois, which has more than $111 billion in government-worker pension debt. In fact, Bloomberg recently reported that Illinois continues to have the nation’s worst-funded government-worker pensions, despite widespread improvements in other states’ public pension funds since 2013.
More than two-thirds of U.S. pensions had increased funding levels in 2014, according to Bloomberg. The median funding ratio for pension funds in all 50 states is 70%. Unfortunately, Illinois pensions are funded at just 40%, the lowest level in the nation.
Given the worsening funded ratio for Illinois’ government-worker pensions, one would think Illinois is underfunding these pension plans. But the amount of taxpayer funds going into Illinois’ government-worker pensions keeps rising.
In 2005, the state’s combined annual contribution to its five state-run government-worker funds was $1.7 billion. In fiscal year 2015, the amount jumped to $6.9 billion, quadruple the 2005 amount.
When payments for pension obligation bonds are included, pension costs now consume more than 25% of the state’s general-fund budget, up from 8% in fiscal year 2005.Illinois’ government-worker pension-fund payments are crowding out funding for education, health care and infrastructure; this will only grow worse as pensions eat up more and more of the state’s budget.
State funding for education provides a worrisome example of this crowding-out.
Pension costs now consume so much of Illinois’ education budget that the pension contribution to downstate and suburban teacher pensions – the largest of the five state government-worker pension systems – is set to outstrip the amount of state aid for classrooms. Without reforms, teacher-retirement spending will surpass spending on classrooms by 2025.
|November 12th, 2015, 12:59 PM||#16|
Join Date: Nov 2012
Here we go again.
Aren't Unions great.
The Chicago Teacher’s Union, or CTU, is threatening to strike just three years after its most recent walkout, a move that shows a lack of regard for Chicago’s fiscal crisis and the growing burden taxpayers have to bear. The city and Chicago Public Schools, or CPS, are collectively facing deficits of over $1 billion, and Chicagoans are about to be hit by $700 million in additional annual taxes.
CPS and CTU are locked in negotiations over a new contract. Both sides have agreed to mediation in an effort to resolve their disputes and work out a new agreement.
But CTU has indicated more than once that it is willing to call a strike, though that’s unlikely to happen anytime soon, according to the rules governing contract negotiations in Chicago.
CTU last went on strike only three years ago. That strike kept students out of school for nearly a week, hit CPS with additional costs, resulted in layoffs for thousands of teachers and helped drive the district into near-insolvency.
Another strike by Chicago teachers would only make the situation worse for everyone – for the city and its budget, for taxpayers and even for Chicago teachers themselves.
Here are six reasons why the CTU has no business striking again:
1. Chicago teachers already receive the highest lifetime earnings of teachers in the 10 largest cities in the U.S.
When Chicago teachers went on strike in 2012 demanding higher wages, CTU members already received high salaries and generous pension benefits.
And according to a 2014 report from the National Council on Teacher Quality, Chicago teachers actually receive the highest lifetime earnings when compared to teachers in the 10 largest cities in the nation.
It would be a mistake for Chicago teachers to strike for even higher wages – especially when ordinary Chicagoans are facing a massive tax hike.
2. Chicagoans have just been burdened with a massive $700 million tax hike
Chicagoans already face the highest per-capita tax burden of any residents in Illinois’ major cities – by far.
And the majority of the new $700 million tax hike passed by City Council on Oct. 28 won’t go toward better schools or repaved roads, but to pay off the city’s police and firefighter pension debt.
City and CPS officials are walking a fine line with Chicago taxpayers. If serious fiscal reforms aren’t enacted, politicians and CPS officials could demand an additional tax hike to pay for CPS’ massive budget deficit and pension debt, which would drive still more taxpayers out of Chicago and Cook County.
3. The Chicago Teachers’ Pension Fund is $9.5 billion in debt – and growing
Since the CTU last went on strike, the Chicago Teachers’ Pension Fund’s shortfall has risen nearly 20%, to $9.5 billion in 2014.
The pension fund is already basically insolvent. It currently has only half the money it needs to pay out future benefits to teachers.
4. CPS pension payments have skyrocketed by $500 million
CPS’ required contributions to teachers’ pensions have skyrocketed by $500 million since the CTU’s last strike. As a result, the school system has been forced to borrow with short-term money to make its payments to the pension fund.
5. Pension benefits have grown 5% a year since 2000
Chicago teacher pension benefits have been growing at a rate of 5% a year since 2000, twice the rate of inflation and far faster than the growth in Chicagoans’ median household income.
That means pension benefits for teachers have been growing far faster than ordinary Chicagoans’ ability to pay for those benefits.
6. The 2012 strike resulted in 50 school closures and thousands of layoffs
Despite warnings from CPS about its fiscal condition, Chicago teachers went on strike in 2012, demanding – and then receiving – additional benefits at the expense of the district’s finances.
Shortly after the strike ended, CPS announced it would have to close 50 schools and proceeded to lay off thousands of teachers to help reduce costs.
With CPS in even worse financial shape today, a strike could result in even more laid-off teachers.
With CPS and its teachers’ pension fund in such poor financial shape, the massive new tax burden on taxpayers and the fact that teachers already receive generous benefits, CTU has no business striking again.
And instead of giving in to the CTU’s demands, CPS should focus on getting its fiscal house in order.
|March 15th, 2016, 09:04 AM||#17|
Join Date: Feb 2016
Location: Deer Park, Washington
Progressive socialist democrats did this.
Mizzou may pay price for campus protests as enrollment plunges | Fox News
|March 16th, 2016, 08:51 AM||#18|
Mind Numbed Robot
Join Date: Nov 2012
maybe the teachers in chicago should be required to invest all their pension funds in chicago city bonds.
|March 16th, 2016, 03:28 PM||#19|
Join Date: Dec 2015
UH-OH.....enter stage right......drum roll please......JIMMYB. He's not going to like your post, are you, Jimmy?
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