-- 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 public transit management at its finest. Beset with political hires and an overabundance of highly compensated managers who simply don’t manage much beyond their resume, the CTA has allowed the pipeline of employees to run dry. Part of it is the work rules that require a new blue collar CTA employee to be a car cleaner first, only moving up the operations food chain as the seniority lists dictate. However, like the kid out of college who thinks the corner office will be hers and is visibly dismayed when shown her plebian cubicle, no one wants clean railcars… Read more »
Bad enough that CTA is an unflushed crime toilet — not it can’t even provide its basic service — time for CTA to be scrapped