-- 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
Went to my Sam’s Club here in Rockford the other day and they have put in many more self checkouts probably due to the new minimum wage law.
Mark, like you I am a former proud member of UFCW and distinguished employee of Jewel Food Stores, you can attest to how employers change the work rules to fit new union contracts or government mandates. For example, I was one of the first hires under the new union contract (the original Tier 2) that paid new employees time+$1 instead of time-and-a-half on Sundays. Guess who then worked EVERY Sunday? Then, the work hours needed for certain benefits increased, so they promoted dozens of baggers to cashiers. They all got minuscule raises, but guess what? The bosses cut everyone’s hours,… Read more »