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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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Every Democrat effort in IL is only about raising taxes and fees to support the status quo porkfest of public unions. Never look at cost effectiveness.
“A tax on real estate transfers in the city would be extended to the rest of Cook County and the collar counties, costing buyers and sellers of real estate $3 in taxes for every $1,000 of the transaction. “
So $15K on a $500K house? Add in the real estate commission and other fees and it is around 10% overhead costs on a transaction. Crazy.
Until they clean up and reform CTA and fire political cronies and incompetent employees, CTA should be denied additional funds. Quit tax for poorly managed entities with poor results.
I admire your vivid imaginatioin.
This is absolutely infuriating!
More taxes for the Northern Illinoisans…cool!
Seems right and fair not to tax central and southern Illinois. At least you are protected…for now.
Northern? How about just Chicago or Cook how many others are riding the red line? Increase the cost for the people that use it if you don’t get enough revenue or cut costs with reductions.
Public transportation also benefits those in the area that don’t ride it. Relieving road congestion and associated costs for additional wear and tear on roads. It’s no different than a road that is improved/widened to allow for more traffic. Even though I don’t drive on that particular road I benefit as more cars choose that road and ease the congestion for my own path. If anyone one is going to pay for these costs (other than riders) it should be paid by the next group that benefits and that’s northern Illinois. Our other choice is to watch public transportation be… Read more »
“the Regional Transportation Authority has said that without state help, transit agencies would have to make a 40% reduction in service when pandemic relief funds run dry.” The government-imposed Coof panic ended when? 2022? This is no longer a Coof issue, but Andrew Adams and Ben Szalinski dutifully, yet perhaps unknowingly serve up a dose of truth here. Remember kids, all these new political animal money grabs are ostensibly to plug a $750 million Autopen-shaped hole in the NITA/ex-RTA. Meanwhile, the NITA/ex-RTA is carrying 60% of the riders it had before the Coof. It is long past time for the… Read more »
Yep, IL makes it tougher and tougher not to relocate to another state. It’s almost as if they’re begging us to move.
Good article, but I’m still unclear how much of $771 mil transportation fiscal cliff is due to spent ARPA-COVID funds that taxpayers are now being asked to pick up the tab for?
“the Regional Transportation Authority has said that without state help, transit agencies would have to make a 40% reduction in service when pandemic relief funds run dry.”
All of it. This is exttortion.
Every option to make all the people who don’t use it pay for it.
How about the people that use it pay more or cut services, sounds like the whole thing should be sold.
They can sell it to foreign investors like the skyway and watch someone else make money running it.