-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I’m gonna bring back the rickshaw and put some illegals to work at the same time. They’ll be doing a green energy job Americans won’t do.
BJ, if you’re in need of any more gig transportation managerial advice just ask Mark to hook you up with Old Joe!
1. Uber never takes more from the fare than the driver gets, but sometimes the difference is only pennies. If they pay the driver $20, they feel they deserve $19.95 as a “service fee”. The calculation for the service fee seems to be a closely guarded secret. 2. What they pay the driver is only loosely based on time and distance and the mileage and hourly rates vary widely from trip to trip. The minimum wage is $15/hr and the IRS mileage rate is $0.70 per mile. They frequently pay less than this for the trip, sometimes significantly. I’ve seen… Read more »
This isn’t meant to help the drivers, its meant to help the city raise money. How do you say “gypsy cab?”
I recently paid $11.94 for a short loop UBER ride: $8.20 to the driver; $o.74 booking fee; $3.00 various City of Chicago fees. The City earned 37% of the what the driver earned in taxes, fees and surcharges. Alderman O’Shea is rightly concerned about revenue lost to the City if demand falls. One hopes that someone will explain to the Gentle Alderpersons that unless demand is inelastic, when price increases, demand falls. When demand falls, tax collections fall which will in turn lead to more tax creation and collection and more out-migration. The last 100 drivers may be better off,… Read more »