-- 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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Do not give them one red cent, the so called
Managers could not manage a one car funeral. Incompetent louts all of them.
“The preliminary analysis from our consultant shows that the fiscal cliff scenario, without state funding assistance, could wipe out 30 to 40 percent of the service in northwest Illinois,” RTA Board Chair Kirk Dillard, a former state senator, said in Tuesday’s hearing. Our consultant? These nobs needed a consultant to tell them that they should have radically cut service back in 2020 and grown organically to meet reduced demand since? What are we paying these ‘Transit Professionals’ and ‘executive directors’ for? Should the ‘consultant’ be running the RTA and its operating companies? The political animals running the RTA didn’t make… Read more »
“This is what happens when friends and pals of politicians pretend to be managers.” So true. In these bureaucratic agencies and offices, there’s no incentive to operate efficiently as there is in the private sector. That means there’s no incentive for management to have the required business skill sets to do their jobs. When you combine these lack of skill sets with corruption, greed, bloated staffs, etc., that’s an enormous and continuing financial burden on the taxpayers to bear. It seems this situation is much more prevalent in blue states.