Quote:
Originally Posted by whyhuhwhy
I'm not sure why we should encourage a system where literally 80% of your fare goes towards people's pensions and not actual infrastructure. The CTA has become a massive 401K and I'm happy the Trib continues to expose that. Not sure why they have to run only positive stories about a system that is totally mismanaged. I mean isn't the whole point to eventually have a world class system here?
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And all of your Chicago property tax levy goes to support pensions and debt service, not wages. So? Pension/retirement benefits are part of the overall compensation offered to an public employee when hired; I'm not sure why the retirement benefits should be considered so distinctly from wages/salaries. Paying into a pension fund is a labor operating expense, too.
...this is not even getting into how most CTA employees saw take-home pay and taxable income decrease over the past several years due to employee benefits contributions more than doubling and the lack of cost-of-living increases due to the repeated doomsdays.
To the extent there is mismanagement/waste/corruption on a large scale ('large scale' meaning significant dollar amounts - a couple cronies at $90k/year, while certainly annoying, hardly bankrupt a public agency with an annual operating budget over $1bn), look to the public pension boards themselves, the management companies they hire, the firms they invest in, and so on.