-- 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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I almost wish people would use public transportation again. Traffic on the highways is worse today than it was precovid.
“… draconian fare increases and service cuts will only decrease ridership and hurt finances further.”
Sounds like they have themselves a good old-fashioned death spiral. Gee, I wonder if mismanagement over the years, including its ugly cousin, bloat, has anything to do with it.
It’s called supply and demand, if the demand isn’t there are the cost shut them down and contract everything out to someone for scrap metal.