Comments on: Today’s Headlines http://www.streetsblog.org/2008/09/09/todays-headlines-482/ Covering the New York City Streets Renaissance Fri, 10 Feb 2012 16:07:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Larry Littlefield http://www.streetsblog.org/2008/09/09/todays-headlines-482/comment-page-1/#comment-56062 Larry Littlefield Tue, 09 Sep 2008 18:57:21 +0000 http://www.streetsblog.org/?p=4533#comment-56062 It won't be easy to fix billions of dollars in past obligations. They have agreed to float bonds to cover the unfunded pension and retiree health care obligations. That just exchanges one for of future debt for past deals for another. Deal beneficiaries win, future generations lose. It won’t be easy to fix billions of dollars in past obligations. They have agreed to float bonds to cover the unfunded pension and retiree health care obligations. That just exchanges one for of future debt for past deals for another. Deal beneficiaries win, future generations lose.

]]> By: Stefanie http://www.streetsblog.org/2008/09/09/todays-headlines-482/comment-page-1/#comment-56054 Stefanie Tue, 09 Sep 2008 17:35:11 +0000 http://www.streetsblog.org/?p=4533#comment-56054 Larry, your comment on the CTA and pensions is especially salient as last year, all of this could have been fixed up just fine. Unfortunately, the State of IL, in all its wisdom, declined to pass the legislation in time. Chicago - and soon the state - will suffer immensely in the coming years. Larry, your comment on the CTA and pensions is especially salient as last year, all of this could have been fixed up just fine. Unfortunately, the State of IL, in all its wisdom, declined to pass the legislation in time. Chicago – and soon the state – will suffer immensely in the coming years.

]]> By: Larry Littlefield http://www.streetsblog.org/2008/09/09/todays-headlines-482/comment-page-1/#comment-56032 Larry Littlefield Tue, 09 Sep 2008 13:49:00 +0000 http://www.streetsblog.org/?p=4533#comment-56032 I recommend the CTA article to anyone. The State of Illinois almost sounds like the New York State Legislature. They cut subsidies to the CTA, while generously mandating that senior citizens -- regardless of income level -- be allowed to ride for free. Just as retirement income in New York is exempt from state and local income taxes no matter how high it is. So now fares will be raised on younger working people, no matter how poor they are, to make up the difference. "Many senior citizens opposed Blagojevich's blanket free-rides policy when it was announced last winter, saying it should've been tied to income levels. They predicted it would lead to new financial troubles for the CTA." Yes, there are some people in older generations that actually care about younger generations and the future. They have been outvoted for 30 years. "But the number of people taking advantage of the free-rides offer is expected to continue increasing as more people apply for an RTA free-rides card that passengers must present when boarding buses or trains. The governor vetoed more than $16 million in reduced-fare subsidies this year for the CTA in order to reduce the state budget deficit. The funding, which existed before the free-rides program, was intended to partially reimburse the transit agency for revenue lost through reduced fares for senior citizens and disabled riders." The CTA also has a pension disaster, due to costs from the past deferred to the future as well. It's as if they compare notes on how to entire their supporters and interest groups and destroy the future at national state governor and legislature conventions. I recommend the CTA article to anyone. The State of Illinois almost sounds like the New York State Legislature. They cut subsidies to the CTA, while generously mandating that senior citizens — regardless of income level — be allowed to ride for free.

Just as retirement income in New York is exempt from state and local income taxes no matter how high it is.

So now fares will be raised on younger working people, no matter how poor they are, to make up the difference.

“Many senior citizens opposed Blagojevich’s blanket free-rides policy when it was announced last winter, saying it should’ve been tied to income levels. They predicted it would lead to new financial troubles for the CTA.”

Yes, there are some people in older generations that actually care about younger generations and the future. They have been outvoted for 30 years.

“But the number of people taking advantage of the free-rides offer is expected to continue increasing as more people apply for an RTA free-rides card that passengers must present when boarding buses or trains. The governor vetoed more than $16 million in reduced-fare subsidies this year for the CTA in order to reduce the state budget deficit. The funding, which existed before the free-rides program, was intended to partially reimburse the transit agency for revenue lost through reduced fares for senior citizens and disabled riders.”

The CTA also has a pension disaster, due to costs from the past deferred to the future as well. It’s as if they compare notes on how to entire their supporters and interest groups and destroy the future at national state governor and legislature conventions.

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