-- 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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Philly, like CHI, has become an increasingly crime ridden cesspool and neither city needs or will ever fill to capacity the transit they so desperately beg for.
The political animals always circle the wagons to protect the gravy train. At least ex-executive director Leslie Richards admitted that ridership is a problem both at SEPTA and the RTA. The problem is that Leslie is an urban planner by trade and hasn’t held a position of responsibility at any private company in her career. She is used to appointed positions by political patrons, rather than having to compete for a job. This is how political animals multiply and how political patrons extend their reach into taxpayer wallets. Urban planners are all about their personal utopic ideas for spending taxpayer… Read more »