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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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Mass transit has had its day — with ridership declining every year since the 1970s — time to scale it back or give it a decent burial
I can’t read the article because I simply won’t enrich the cabal of children propagandists pretending to be journalists at the Trib. The CTA is in quite the pickle here. The budget shortfall going forward will basically shut down the entire operation. This does tend to jeopardize the thousands of people who still depend on the CTA for personal transport. The thug element will have to search other locales for opportunities to bludgeon commuters in exchange for them becoming willing to part with their cash and valuables. The real train that the politicians care most about is the politicians’ gravy… Read more »