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.
Cut ALL PACE and CTA outside Cook county and let Cook foot the WHOLE bill.
Here’s how you pay for it, Don: cut underused routes, lose employees that are not needed, abandon the ridiculous Red Line plan to put a new line in where there already is one, quit paying administrators Dorval Carter ( $375K/ year ) level wages and make public transportation clean and safe enough to be used.
It is always confusing how the COVID funds running out is now a major problem. Wasn’t that funding to help those agencies weather the storm? To keep them whole while ridership returned to normal? Then when ridership did not return did that not create a structural issue where less people means less revenues? If that is the case then it sure seems like major structural cuts are needed instead of feeding the beast,,,just wondering.