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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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This one is fun. After reading this transit love letter from Wilmette Talking to Winnetka’s own Emily Soto and mister Photoshop himself, Nick Blumberg, I went to the following article: Transit’s Ride into Irrelevance – The Antiplanner From there I went to the US Census estimated commutation data for 2023. What I saw there was mildly hilarious. Right off the bat, I knew something was amiss over by our Census Bureau, since they listed “Light rail, streetcar or trolley (carro público in Puerto Rico)” as a category for the four-county area of Northeastern Ilinois with 2,809 riders. Sharp readers will… Read more »
Like the article you posted this is nothing but a money grab to destroy the suburbs. Don’t forget railroader the union contracts, will the members be in favor of this consolidation. This will be a long drawn out process. Union members beware.
I wouldn’t bet on any changes for covered CTA/Metra/Pace employees. I also don’t anticipate any of the political animals controlling those operating arms or warming chairs at the RTA getting the ax either. This is another equity-based money grab by one government agency in Chicago, much like CPS demanding that taxpayers in Cairo, IL, pay for CPS’s overspending and mismanagement. The same mid- and top-feeder political animals will still make appointments to these boards from their friends and pals who will play ball. This transit agency ‘merger’ is a distraction from the Executive Directors’ desire that the farebox recovery ratio… Read more »
Also, there’s that word “reform” again. Keep holding on to your wallet.
Of course they don’t want to merge. This is all about self survival and protecting their power. Rides are down and expenses are up. Time to slash and burn. Maybe next time those people waiting for a ride will think about the consequences of their vote.