-- 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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Wow gas under $4.00 per gallon. That’s a real economic success story. By the way, did you obsequiously say thank you to your Illinois masters? I bet your Massa hardly ever beats you.
Somebody please tell me why so many people fixate on the price of gasoline. I remember well enough that some 60-ish years ago gasoline was something like 30-35 cents a gallon, but now it’s maybe 12 times as much. I’m not any happier about that than anyone else, but the reality of it is that’s the cost ratio of about any other frequent consumer purchase as well. Then, isn’t it also generally the case that wages have risen by roughly that same ratio? I think a more common-sense argument is to say coins have almost no purchase value these days.… Read more »
People fixate on gasoline because you see the price a posted everywhere on every trip you make a dozen or more times a day every time you leave you house. It’s a daily reminder of inflation. There is no other commodity where the price is advertised everywhere you go.
Gas allows people to drive to work to make a living. Gas/ diesel are used to power vehicles that deliver everything we need. By products of petroleum make many of the things we use. Without fuel to keep the world in motion, everything will grind to a halt.
James, why I think that fixate on gas price comes from research I did while investing in various consumer products. It’s very sad, actually. A huge part of the population has an economic life that basically consists of getting a paycheck on Friday, filling their tank, buying a few consumer items they need and maybe a six pack of beer. And many manual laborers spend lots for gas on the pickups they use for their work. Gas is front and center every week for so many living on the margin.
You’ve said that very well. Basically, gas not only is generally a necessity it’s clearly a repetitive and frequent purchase, something similar to the purchase of milk. Most purchases are optional or at least fairly infrequent; those two are exceptions. Still, it’s a basic fact that nearly every cost increases with time. We all hate paying more, but we love earning more. But, reality shows the two generally are linked almost perfectly in the nation’s economy with the passage of significant time periods even if its not always true for specific people or short time periods.
The day before the November 2020 election the 3 gas stations at an intersection near me had regular unleaded @ $1.74.9 a gallon. 3 months after the inauguration in January 2021 the price at the same 3 stations was $2.59.9 a gallon. 6 months later $3.10 a gallon. Now that’s not inflation? Nope, that’s the democrats in action.
Maybe, but unless you have compelling evidence I think it’s a stretch to suggest that politics are the basic problem in your case rather than economic forces generally. Are you really trying to make a claim that Democrats almost always cause more inflation than Republicans? That may have been true in some eras, but in our post-1992 presidential administrations I doubt that sort of clarity has existed. Wasn’t the Clinton administration financially conservative? Things for you to ponder.
The Clinton administration was more fiscally conservative. That was over 30 years ago and bears no resemblance to the Democrat party of today.
The suggestion that politics and policies have no effect, that we are simply buffeted by nebulous economic forces, makes no sense. Certainly you understand that policy toward union contracts make a huge difference economically for teachers. Otherwise, why are unions making huge donations and lobbying politicians?
Maybe, just maybe, other people are also impacted by policies. That’s why they are concerned. It’s unfortunate that wasn’t obvious.
And next January 1st, WHAM! Again.
Florida is $3.39 or lower, better roads and bridges.
$3.09 in Beloit. Just checked gas buddy.
Gas in Rockton, Illinois by the Walmart was at $3.29.9 yesterday
As of August 2024, the average price of gasoline in Florida has seen a significant drop. The state’s average was approximately $3.46 per gallon in early August, but by mid-month, it had fallen to around $2.99 per gallon, marking the lowest point of the year. The decline is attributed to lower demand and increased fuel supplies, with some areas in Florida even reporting prices as low as $2.83 per gallon