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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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This must be the sequel called, “How do you pay for our latest vote buying scheme?” Mayor Daley, that’d be the one before ‘Hizzoner’, had the idea to expand the CTA 35 blocks south of 95th Street when the original line was built in the median of the South Side Expressway, later named the Dan Ryan. Evidence of this design can still be seen today as the CTA storage yards in the median actually extend to a point just east of Michigan Avenue. The original design of I94 east of this point did contain space that could support this extension,… Read more »
CTA Gets City Council Blowback — Over Its Proposed TIF Tax Theft Scheme — To Funnel Your Tax Dollars To Obsolete, Irrelevant Crime Ridden Failing CTA – Crain’s Chicago Business
Gee, this sounds like robbing Peter to pay Paul.