-- 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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Notice the movement to self-check out?
Or the kiosks that eliminate an order taking employee?
Have you seen the robotics that build vehicles, replacing a whole workforce?
Many positions have already been replaced by non-union, uncomplaining robots that don’t require an HR department, minimum wage, FICA, health benefits, vacations, or workers compensation insurance. They don’t sue for discrimination, call in sick, require accommodations or refuse to work on holidays.
That’s the future – fewer and fewer entry level positions when employers have to pay high minimum wage for ‘warm body’ positions.
Higher wages make it more economical to replace labor with robots. This will be needed in Illinois as everyone is moving out ASAP. The free-market sets wages better than government. Everything government touches turns into CHIT. The government should demand that the private sector have the same pension benefits as Cops, teachers, and firemen have. Bankrupt every business overnight.
If inflation is at 8%, then $12 in 2022 is like $12.96 in 2023. For all the bragging JB has done on raising the minimum wage, his increases are merely keeping pace with inflation.