-- 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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Sounds like an algorithm kinda guy. For his next trick he’ll swallow a hairbrush!
In 10 years, Metra trains will only be seen in museums.
Ridership won’t return to pre pandemic levels? Thanks Captain Obvious!
In 2021, Metra’s lowest ridership year, their administrative expenses increased 30% and engineering expenses increased 38%!!! That is unjustifiable and they need to be investigated.
They really are in a vicious cycle. They’re going to need to cut trains and reduce their schedule, which will lead to less riders, then more cuts. Fewer peak hour trains that are more crowded will also be a big negative.
I wonder if this is same thing happening in places like Nashville, Austin, Tampa, and Charlotte?
Maybe someone in the media will look into it.