-- 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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Can’t get around the old minimum wage, Mortimer.
Minimum wage not keeping up with inflation complaints starting in 3,2,1…
Minimum wage increases are more than keeping up with inflation. At $12 per hour and 6% inflation your cost of living increase is 72 cents but the minimum wage will go up a buck per year over next 3 years.
But they’ll argue $15 goal didn’t take high inflation into account. It’s a moving target. One we get to $15, they’ll make the same argument about $15 that they did about $8.