-- 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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People will still tip and how much will be determined by the total amount of the check and the quality of service. Wages of employees will not be posted on the menu or on the specials board. Today’s special is BLT with fries and your waiter makes $21.50 per hour and has only 1 deduction. So most of us will not know what they make.
Many will still tip, but not as much. Some, who see their $15 sandwich now costs $18, will stop tipping.
$18 sandwiches mean many, many restaurants will close down. Food price inflation has simply made the take-out food model unsustainable.