-- 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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They were kept afloat with free Covid bucks from Dementia Joe, which are running out fast. The revenue model for mass transit has changed forever with work from home now a reality for so many. The cost of a monthly train ticket is down significantly from pre pandemic prices, despite the historically high inflation caused by Diaper Joe pumping trillions into the economy unnecessarily. They’ve had a few years to figure this out but didn’t do enough to correct the cost/revenue imbalance. Instead they hand out big raises before the you know what hits the fan. Typical behavior by public… Read more »
375K to Carter, a man in charge of an entity that ( like the others) made a killing during covid ( remember when they had to add trains?) and now finds himself with hat in hand begging for more taxpayer money year after year after year.
It is Obvious to common sense minded people that these salaries are outrageous. $27,000 per month for the services this dude provides…overseeing a failing transportation system. Seems like the reason people aren’t riding the trains as much is that they don’t feel safe on them anymore. Put police on every train and spend the money on the system and not enriching a few at the top and Chicago might bring back train transportation. . .