-- 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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“This is a make it or break it point.” CTA President (Executive Director) Dorval Carter They broke it. The CTA Board needed to apply the brakes years ago, and now their collective train is headed straight for the bumping post at full speed. The CTA political animals claim that there will be a $539 million shortfall next year. This is a bald-faced lie. That shortfall exists right now. It has existed since the JB the Hutt lockdowns of 2020. The shortfall started out much smaller, building year by year like an avalanche. Now that avalanche will hit all at once.… Read more »