-- 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 is all you need to know about this executive-director-caused mess: Metra ridership peaked at 76.9 million rides…in 2008. 34.9 million riders in 2024. The CTA rail ridership peaked at 241.7 million rides…in 2015. 127.5 million in 2024. The CTA bus ridership peaked at 328.2 million rides…in 2008. 181.7 million in 2024. PACE ridership peaked at 38.1 million rides…in 2006. 17.9 million in 2024. The executive directors want more money despite their declining customer base. Even worse, when confronted by the catastrophic ridership losses in the wake of inept Chicago politicians (both Lori Lightweight and Cliff Notes) coupled to JB… Read more »