-- 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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I don’t see how they can do any sort of analysis for any service cuts. I buy a monthly ticket how do they know what days or time I ride. If they claim they know what ridership is then why don’t they add more train cars to my route. My Tue, Wed & Thu rides are standing room only. How about these agencies do their cost cutting first before consolidation.
I’m guessing Jim Talamonti will not be getting an invite to the CTA Board’s Christmas Party this year. Jim dared to point out only some of the overspend, focusing on low-hanging fruit like DJ hiring. The real meat lies in the operations and capital budgets, alas. When you carry only 60% of your former customer base, you don’t operate trains and buses as if the missing customers’ butts are still warming the seats. Yet that’s exactly what the Executive Directors have done for over four years. As far as consolidation goes, I need to see where this mystery $200-250 million… Read more »