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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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Tom Bamonte identified serious shortfalls of the ‘transit agency governance’ that afflict our once-fairly decent transit agencies in Chicago. In his piece, Tom left out the obvious one. The one staring you in the face when you look at his graphic illustration of intertwined responsibilities of four separate sets of directors. The directors are all political animals with exactly zero transit or transportation experience required. This is how you get ineptitude like the “needed funding reforms to address the looming transit fiscal cliff (Read: More money from the Chumbolones).” This Executive Director-caused disaster aside, it should be noted that the… Read more »
Will it be run by the CTU too?