Friday Roundup: Oregon’s top pension, dividing California, the minimum wage (again), and tariff fears

There are always a few items we’ve read during the week that deserve more attention but don’t make it into our regular posts. So we bundle them for the Friday roundup.

Here’s this week’s bundle:

New York Times: A $76,000 Monthly Pension: Why States and Cities are Short on Cash 

A public university president in Oregon gives new meaning to the idea of a pensioner.

Joseph Robertson, an eye surgeon who retired as head of the Oregon Health & Science University last fall, receives the state’s largest government pension.

It is $76,111.

Per month.

That is considerably more than the average Oregon family earns in a year.

Oregon — like many other states and cities, including New Jersey, Kentucky and Connecticut — is caught in a fiscal squeeze of its own making.

San Francisco Chronicle: Splitting California in 3 would be different. That’s the only sure thing.

California is moving closer to a landmark November vote that could chop the state in three, splitting San Francisco from Los Angeles, dividing the Central Valley in half, and creating a mountain of questions about how the nation’s biggest state would divvy its resources…

Congress would also need to be convinced; lawmakers must approve any split.

Jeffrey Clemens and Michael R. Strain: The Short-Run Effects of Recent Minimum Wage Changes

This paper presents early evidence on the employment effects of state minimum wage increases enacted between January 2013 and January 2015. As of 2015, we estimate that relatively large minimum wage increases (defined as those exceeding $1) reduced employment among low‐skilled population groups by just over 1 percentage point. Smaller minimum wage increases, as well as increases linked to inflation indexation provisions, appear to have had much smaller (and possibly positive) effects on employment over our sample period. The estimates thus raise the potential importance of nonlinearities in the minimum wage’s effects, which are consistent with standard models of the labor market. 

Associated Press: Fed survey finds worries about higher tariffs

The Federal Reserve’s latest national survey has found that U.S. businesses are growing increasingly concerned about the impact higher tariffs could have on their companies and the overall economy.

The Fed reported Wednesday that the economic outlook remains positive with growth continuing at a moderate pace in the central bank’s 12 regions.

But its latest survey of economic conditions around the country also found that various industries — from manufacturing to farming and transportation — are worried about possible penalty tariffs on China and those already slapped on imports of steel and aluminum.