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.
I’ll give Ben Szalinski credit for this paragraph, summarizing the symptoms of the disease plaguing Chicago’s RTA: “Chicago area transit agencies face financial challenges as federal COVID-19 funds run out and rider patterns change thanks to work-from-home policies adopted during the pandemic. Rider fares are also no longer enough to cover half of the agencies’ revenue as required by state law.That requirement was suspended during the pandemic but is set to go back into effect this summer.” The financial shortfall the executive directors caused is merely the symptom. Just as congestion, fever, and headaches are symptoms, not an illness. The… Read more »