-- 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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It isn’t as if we all didn’t see this coming. The hacks who populate the RTA (and their step children: Metra, CTA and PACE) boardrooms also saw this coming from a long way off. Their reaction typifies the government’s response to everything: self preservation.
The fact is, these agencies need to shrink, along with their patronage army.
Absolutely correct. They were fat and happy with free Covid bucks from Uncle Sammy and want that gravy train to continue. Unfortunately, the interest expense on the ridiculous trillions in Covid money giveaways is going to squeeze Uncle Sam, and squeeze him hard. Time to trim the fat, with an axe.
Anybody at RTA/CTA/Metra who was appointed by Mikey Madigan need to be the first to be cut loose.
Alas, that’s the entire roster and includes many on the operating departments. Alex Clifford tore open the curtains allowing bright sunlight to reveal these agencies as nothing more than jobs programs for ‘pals’ and was run out of town on a rail (not on Metra).
Two very common phrases used in mismanaged states are “looming budget crisis” and its ugly cousin “fiscal cliff.” Mismanagement occurs when you have corruption, greed, lack of experience, arrogance, and/or ignorance in place. If you live in a state that has at least one of these in place, you’re in for some rough sledding. The sledding hills in IL have been dangerous for many years.