-- 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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This reminds of me rearranging the deck chairs on the Titanic as it is sinking. While I definitely agree that all of the metro area should have decent public transit access, i’m not sure that it is completely necessary. Not everyone wants to work downtown. It’s expensive to work downtown. The rest of the suburbs don’t have the density to support a robust public transit network. I have a PACE bus that stops a few houses down from my home and the bus is nearly empty even during rush hour.