-- 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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The RTA managed their operation like many pro athletes do: as if the gravy train will go on forever. How many retired pro athletes do we see selling their memorabilia just to pay bills? More than you’d care to admit. The numbers don’t lie: ridership isn’t coming back. What’s the solution? Whine about funding shortfalls and suggest tax increases on the chumbolones, selling your bloated services under the banner of the cult of climate change. I’m convinced that climate is the new ‘last refuge of the scoundrel’. With politicians and their minions, it’s the first refuge. I digress… In the… Read more »
They’re proposing giant taxpayer funded bonds after blowing thru all the fed covid $bucks$ while simultaneously admitting the ridership isn’t returning?