Thursday, November 09, 2006

As Spitzers wins election based on his crusade against Wall St. excessive compensation, the City Council looks to give itself a 14% raise.

One of the issues Democrats seized this election was the small pay raise Americans on average were experiencing. The truth when it comes to pay increases is that companies tie them to the current rate of inflation. The reason pay raises have been small at around 3% is because the Federal Reserve has done a great job of controlling inflation.

New Yorkers have to ask how did the City Council come up with a 14% pay raise when inflation is only at 3% and their salaries are already above the average New Yorker? The Council does have an argument that they haven’t received a pay wage in seven years and is an issue that should be corrected. Instead of a big raise every few years, the Council should implement a bill that gives them a raise every year that is tied to the current rate of inflation. Either way, $112K a year is to high a salary for a group of misfits.

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