-- 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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Does someone at the CTA or RTA need the phone number of the Milwaukee transit system? They seem to be smarter than the clowns in Illinois who run our transit systems. All the Illinois folks seem to know is how to bark like a seal for more money.
Here’s the plan: Money for overpriced electric vehicles. More money to fix inefficient EV. Money lost because people can’t use the overpriced EVs, thus necessitating a bailout to keep the system afloat. Take the money and buy more EVs. Repeat as needed.