-- 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 this will piss off all those late 20’s and early 30’s college graduates in administrative positions everywhere making 16 to 19 an hour! Why go to college? These administrative persons will now go to McDonalds for lunchtime and be served by a high-schooler in charge of the french fries whos making only a few dollars less that they do! There are a lot of college educated admins making 36K a year (18 an hour). Also why hire high schoolers at $15? There will be no bottom rung for them on the ladder for high schoolers. At $15 I’m going… Read more »
$15 an hour for a fast food employee that barely speaks English or is still in high school. Anyone want to predict how much a Big Mac or a Whopper will cost in 2021? Anyone want to guess how quickly fast food chains will then be almost completely automated? Good luck to all those newly unemployed in 2022. Keep voting Democratic Chicago. You are becoming an inspiration to the rest of the country….to stay the hell away.
I can see that I’ll be brown bagging it more often.
Mcdonalds is going to love this… they’ll pay 15 bucks an hour for one person to work 4 self serve kiosks
Exactly right Mr. Blow. And it will be the same for other Businesses like your local bank branches or grocery stores. Nothing but one manager and a bunch of machines. All of this would have happened over time anyway, but Chicago is in a hurry to put people out of work.
That’s already happening at the few Chicagoland outlets representing online banking. Its somewhat frightening to the older folks who like the permanency implied by doing business with”brick and mortar” banks, and many such people distrust doing it otherwise. But, banking is heading that way more and more as you’ve suggested somewhat indirectly.
Retail Banking actually needs a retail presence to gain market share. The online only banks don’t do well when simple tasks like obtaining a cashiers check or making cash deposits are nearly Impossible. But those very same branches often lose money as customers rarely use them. But without the braches, it’s really difficult to get people to open accounts. Even capital one realizes this and is opening coffee shop/bank branches in high profile locations to try and attract depositors as advertising isn’t enough.
It’s just a big circle, more unemployed people, voting for more government handouts and dependent on Democrats. This is exactly what they want.
I prefer the kiosk actually. It takes a few seconds longer to figure out the menu myself but it’s so much easier than dealing with an illegal immigrant who barely understands me anyways.