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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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I can see this pissing off a lot of people that work in high end restaurants. Six of us went out to eat and the bill was $500, that’s a $120 tip. We weren’t the servers only table. Will that server be happy trading tips for minimum wage. I’m sure there will be some creative solutions for those servers so the restaurant can keep them and they still make a good wage. But for others that can’t get that gig they’ll look for jobs in the suburbs or in another industry. This is only going to hurt the restaurant industry… Read more »
My impression is that Mr. Mayor is pretty much clueless when it comes to most things.
Servers will make less money, as tipping will be less common and less generous, and hours will be cut/restaurants will close as labor costs rise.