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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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They’ve known about this “cliff” for a few years and did nothing about it at all. This is nothing more than incompetence, negligence and malfeasance. Idiots.
Will 40% reduction of services reduce muggings-theft-robberies-beatings by 40%?
With a 40% service cut, the muggers will sue Metra for restraint of trade.
In Metra’s defense, crime is actually pretty rare on board. To and from the depot…not so much.
“The (fiscal) cliff is so horrible right now …” That seems to be a classic and predictable statement due to mismanagement of taxpayer funds. Classic mismanagement actions include waiting before you’re a few feet from falling off the cliff before planning to do something to avoid the fall. We Illinois taxpayers love sending more and more money to be mismanaged.
Maybe Metra should start lobbying against the support for illegal aliens provided by the city and state. The situation would be solved if the money was redirected to services used by citizens, rather than free handouts that just entice the illegals to keep coming.
Certainly something easily fixed by adding some of down states state’s motor fuel taxes.
“The plan is to wait…to see how they can…reduce expenses.” – “expert” Joe Schwieterman That’s been the plan since before 2020 and we can see where that train got us. The expense reductions needed to come a little every year. Now they’re a huge avalanche, due to the neglect of the Executive Director class at Metra. Daius Johnson writes: “Some possibilities include a reduction of expenses, other people’s money, increased money from the state, and increased fares.” The expense reductions should have already happened. Let’s be reminded that “money from the state” IS “other people’s money”. Asking taxpayers in Decatur… Read more »
It turns out the locomotive in question is a suppository…