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Chicago’s parking meter system raked in another $138.7 million in 2019. Four underground city-owned parking garages took in $34.8 million, and the privatized Chicago Skyway generated just under $92 million in cash. And not a penny of those revenues went to ease the burden on Chicago taxpayers.
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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“And not a penny of those revenues went to ease the burden on Chicago taxpayers.”
Well as long as the Daley family got theirs, who cares?
This is great news for the Chicago voters…they voted for this.
Now imagine what will happen when the city tries to run Arlington race track.