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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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“The politics between agencies is tricky and will require ruffling some feathers for this to work. But it’s promising that the RTA is ready to shake things up to build a stronger coalition for transit funding.” -Joseph Schwieterman Dave Struett, typist on behalf of the Illinois Combine, gets the lipstick out in his unsuccessful effort to make this pig attractive. That the RTA and its operating arms would welcome more taxpayer dollars surprises no one. If there’s anything that government agencies are proficient at it’s gobbling up taxpayer largess. Take the $2.9 million per-ride cost of the redundant Red Line… Read more »
We stole from suburbs when RTA was formed to bail out CTA. No state support until patonageyjobs eliminated and they clean up their finances and cut wasteful spending.