-- 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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Nothing like a little classic misdirection to deflect attention from the real part of the magic trick from our RTA board. That’s entirely what this deck chair shuffling accomplishes. Never mind that the stern is out of the water and the big plunge into the dark cold water is completely visible even to the most oblivious of chumbolones. The first question that should be asked of our RTA board is what the headcount reduction will look like if they accomplish this non-reform reform. If they don’t know, that’s because (surprise!) there isn’t one. This is a money grab from the… Read more »
It’s just another money grab by the “ usual
Gang of idiots”, no matter who runs the RTA
The Chicago mugger mover, will never run
Correctly. The people who are hired cannot
Walk and chew gum at the same time.
I attended a retirement party of a CTA electrical engineer in 1985 who told me
“ in 30 years this system will stop working”
This was due to the lack of knowledgeable
Employees, he was off by 9 years.
They only want suburban money, period.