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The budget relies on federal pandemic aid to make up for lost fares from lower ridership, which in August was about 65% of 2019 levels. The CTA, like other transit agencies around the country, has relied on this funding since 2020, and this year the agency is planning to use $472.5 million of the relief funds. But the agency is projecting those funds will run out in 2025, leaving the CTA with a $50.4 million gap that year and a nearly $577 million gap in 2026.
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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People once worked and shopped downtown, now they don’t, so the CTA has no chance to get these riders back. Start recognizing the changes and adapt.
Pre-covid, I would travel downtown several days a week, often every day, as did my spouse. I spent quite a bit of money downtown on lunches, entertainment, night life, restaurants, my tailor and hair stylist were downtown, I often purchased clothes and knick-knacks at the Target and Macys, I bought nearly all my Christmas gifts for family and friends at the various stores on State St. during lunch or after hours. Several times a year, various extended family members or friends would visit downtown Chicago from faraway places, and I would take them on informal tours, like the Tiffany ceiling… Read more »
Pre-Covid my wife was in downtown Chicago for days at a time every month or so – did that for 10 years. Two or three times a year our work schedules would line up, and I’d go with her. Cab-n-train-n-bus around downtown in the museums and shops while she worked, then we’d hit a nice restaurant at night. I never really worried about her when she was up there on her own. Walked a couple of blocks to her regional office in nice weather, restaurants up and down the street for lunch, and room service or a dining room at… Read more »
Same here… there was a great work training held in the Loop this past week that I really wanted to attend, and I really considered going. But I decided against it. Taking the Purple Line from Evanston to downtown (or anywhere) is now an absolute “no – go”, and i couldn’t justify the cost of an Uber, so I didn’t go (could have taken Metra I guess…). I’ve fantastic memories of the 35 years I lived in East Lakeview and of visiting and working in the downtown of a truly World Class city, but now I couldn’t bear to see… Read more »
Still plenty of Covid bucks to spend, and waste. This is just one example of such nonsense, and it’s the type of spending that falsely keeps the economy churning. When all the Covid bucks are gone then you’ll see the real damage done by Dementia Joe and his “Bidenomics”.