-- 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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Two more shills for throwing more money at a system that fails it’s students year in and out ( despite having one of the highest costs per student in the US ) and another system seeking to blow billions on a train route alongside an existing one while empty buses drive all over the city every hour of every day.
Key words are “benefit Chicagoans” The CTA hasn’t raised their rates in 7 YEARS.
PACE busses outside cook county are empty, cut routes to just include cook and let them pay for it 100%.
Yes, we must continue to throw more money at everything, because that’s been such a proven, successful strategy.
Jack and Katie, please take note of the following: Metra ridership peaked at 76.9 million rides…in 2008. 34.9 million riders in 2024. The CTA rail ridership peaked at 241.7 million rides…in 2015. 127.5 million in 2024. The CTA bus ridership peaked at 328.2 million rides…in 2008. 181.7 million in 2024. PACE ridership peaked at 38.1 million rides…in 2006. 17.9 million in 2024. The executive directors want more money despite their declining customer base. Even worse, when confronted by the catastrophic ridership losses in the wake of inept Chicago politicians (both Lori Lightweight and Cliff Notes) coupled to JB the Hutt’s… Read more »
Throwing more money at it won’t fix it.