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.
There’s that phrase “fiscal cliff” again. Fiscal cliffs are such common phenomena in cities and states mismanaged because of corruption and greed.
Hmm, can’t operate on fares collected? Let’s tap Uncle Sugar to keep the grift going.
Transit is last millennium’s failed paradigm — let it die