-- 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
WOW , just in time to be corrupted be Trump’s no tax on tip income proposal
I do not have to be a psychic to predict what will happen.
https://www.hoover.org/research/california-loses-nearly-10000-fast-food-jobs-after-20-minimum-wage-signed-last-fall
This will work as well as the California minimum wage increases have.
Look for restaurant closings en masse.
When you lose your job, your maximum wage is zero.
It’s rather comical that people whose only job skills are asking customers “ Fries with that? For here or to go?” feel that they should have big houses, a nice car, live in a nice neighborhood and take a two week vacation every year.
“Cheryl Taylor, a bartender at The Quarry in South Shore, has been in the restaurant business for 15 years and is bullish about her livelihood. Taylor doesn’t believe patrons will tip less after July 1 because most are unaware of the higher tipped minimum wage.” Short term you are correct Cheryl. Once prices increase, service charges are instituted and other changes are made then the average customer in South Shore will start cutting back on their tipping then you’ll see the effects and wonder why it happened.
It is good to remember how the average person deals with this in all the socialist leaning countries in Europe. No tip is expected in Scandinavian countries (Sweden ,Norway, etc.), Greece, Portugal and even Belgium. The rest of Europe generally tips 5% – 10%.