By Bill Cameon, WLS-AM News
(CHICAGO) Mayor Emanuel is attacking one of the biggest drivers of escalating benefits, the cost of living adjustments.
All of the leading candidates for mayor except Bill Daley are dumping on Rahm’s remedy to open up the state constitution and kill the annual 3% compounded COLAs.
Say what you will, the mayor does make a legitimate point.
“A cost of living adjustment is to help retirees not losing the value of their paycheck to keep up with inflation. If inflation is zero and you’re getting 3% compounded annually, it is not a COLA. If it looks like a pay raise, performs like a pay raise and results in a pay raise, it’s a pay raise.”
Nothing progressive about that, says the mayor, and he adds it’s just not right.
@ 2018 WLS-AM News
