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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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And Chicago Public Schools are not going to get more money from the state…and the city of Chicago is not going to get more money from the state….and if Trump is elected….
And the Bears, the White Sox, and the Fire are not going to get state money for new stadiums. Don’t any of these entities realize that the state has its own money issues and no endless reserves of cash?
Ruh roh. Illinois’ latest Madigan clone has spoken. On Wilmette Talking To Winnetka, Chris Welch whelched on any more money for the Executive Director class at the RTA/CTA/Metra/Pace. There will be no golden parachutes, no life lines, no ‘phone a friend’, no bailouts. Perpetually overspending Illinois is broke. The ‘leaders’ at these transit agencies intentionally created a massive sudden shortfall through their gross mismanagement of their charges. In short, these political animals did this on purpose with the express intent of extorting more money from taxpayers. Don’t think so? Ok. If your 2024 passenger load is 67% of your 2019… Read more »
When you’ve got no idea how to fix a problem, push out the deadline for fixing it, right Chris? Of course Toni Taxwinkle agrees!
How about we see some cost cutting proposals before we talk about getting more money. Transit use is declining and with that decline we should be reducing head counts and service. I know a lot of people that ride Metra and get free rides a few times a week. I buy a monthly ticket and I’m tired of subsidizing all these free rides.
But Dorval Carter still managed to eke out a measly 375 K a year from a failing system he supposedly oversees.