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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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Even Fidelity seems to be oblivious to the gobbledygook that Delgado is selling here. No mention of headcount reduction. No plan to retrench into a system that is more affordable to operate. All three of the operating arms of the RTA need to cut costs and do it now. Nothing of substance. Without a substantial reduction in costs right now, the operating arms of the RTA are already out of money. The cliff is here. Now. With a liberal supermajority in Springfield, you can count on any tax hike scheme to pass with no meaningful dissention. This will hurt taxpayers… Read more »
I couldn’t agree with you more. The current system is not aligned with need. Chicago has
A need but not the suburbs, Pace busses run empty, Metra now is less than half full and it
Will not get better. The CTA is bloated with
Incompetent workers. Make the cuts needed.
The future might work with cuts.
Otherwise we will be back wasting money
Even more than now.