-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
As if people weren’t upset enough about the RTA mess.
Here are some numbers for you:
Agency/PEAK RIDERSHIP/PEAK RIDERSHIP YEAR
CTA Bus 328.2 2008
CTA Rail 241.7 2015
Metra 76.9 2008
PACE 38.1 2006
PACE ADA 4.3 2024
SYSTEMWIDE 659.0 2012
Ridership is in millions annually.
Source: rtams.org
A majority of daily commuters chose to drive back then and continue to drive today. Please note that no RTA or RTA operating agency had its peak year in 2019, the last year before The Coof. There is no fiscal cliff.
Cutting back service to match demand is long overdue.
“$40 million in state money for a new sports complex at Proviso West High School, his alma mater, and located in his state House district.” $40 MILLION??? What the ….???
CTA and PACE should be limited to Cook County and let Cook totally pay for it.
Chicago and CTA riders should pay for CTA.