-- 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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Once you move beyond :1) Chicago Transit (CT) is a union jobs program 2) CT provides patronage jobs for those Democrats with clout, solutions become straightforward. Till then, all kinds of smoke and mirrors to extract more blood from Springfield and IL taxpayers.
Wonder if anyone on the left has thought to exempt the service of prostitution. I mean consensual service workers.
Here is a good solution. Rather than raise taxes why not instead cut the funding for these downstate transit districts that do no more than provide empty busses running around everywhere and then apply the savings to the Chicago transit mess. We really do not need the empty busses and, as always, Chicago needs more money
Pace runs more empty buses than any downstate transit district.
Empty transit seats are the real problem.
Like I’ve said many-many-many times before. It is NEVER a “Spending” problem it’s “ALWAYS” a “Revenue” problem. What is wrong with these politicians?? What disease do they have? Spendingitis is my guess. Maybe Pfizer should make some sort of vaccine for them with dozens of boosters.
Looks like are machine overlords have already baked-in a whole new tax on services? In JB’s budget address he said anybody who came to him with tax increase proposals he was going to first ask for cuts before approval…….good luck believing that chumbalones!!!
Cliff? What cliff? The transit agencies should simply copy one of Governor Carnival Barker’s favorite budget tactics. Just change the revenue forecast to give you the number you need to balance the budget. No one in the liberal media will question it. Crisis averted!
Not the bloat. Cut service to serve the remaining customers. That’s the only real solution.
Did the legislature ride to the rescue for the horse cart makers at the advent of the automobile? Nope. The RTA faces the same changing marketplace now.
“The RTA released a plan in January seeking $1.5 billion in operating funding annually from the state and more control over fare policy, capital spending and private sector partnerships.” – The Bond Buyer Fares are far short of the 50% coverage mandate. Elimination of this requirement is he ‘reform’ the executive directors are looking for. Don’t take my word for it, refer to their own data to see just how poorly they’re doing: https://experience.arcgis.com/experience/2aa35be601ed4e1aa1b1fcf2bf56cb2f/page/Performance The ratings agency (biased in favor of political animal malfeasance) Moody’s all but admits that the executive directors have taken the coward’s way out rather than… Read more »
Cash will be king.