New salaries: Raises of 2%, 2.5% and 3% produce a three-year compound rate of 7.7 percent, above expert predictions of inflation of 6.2 percent (Federal Reserve Bank) and 6.8 percent (International Monetary Fund).
UFT spin, spin, spin=mislead, mislead, mislead.
Here is a link to the IMF site.
This is a proposed 43 month contract that does not end until 2022 so it is closer to four years than three. If we calculate the start as including the 2.5 extra months in the current contract for paid family leave and an extra month to pay the retirees lump sum payments, it should be 46.5 months or almost four years. However, since we in opposition to Unity go out of our way to be fair, we will just do 43 months which is still closer to four years than three and won't end until almost three-fourths of 2022 are through.
Let's look at the actual data from the IMF because people love data so much these days. (The Fed projections only go through 2020 on their site so we can't use them for comparisons.)
The proposed contract starts in 2019 and ends in 2022. If we use the IMF calculator, we can see the actual inflation projections for these years.
Find the US on the right side and then click on the years 2019, 2020, 2021, 2022 on the left. It's kind of tricky to do but the US expected inflation rate will show for each year next to the US.
Year: Expected US Inflation Rate
7.7% compounded raises while inflation is expected to increase by 8.8% over the next four years.
Bottom line: 1.1% pay cut for UFT members in terms of expected inflation. Yes, I know it isn't a full four years but don't forget the healthcare "savings" that all of us, not just new teachers, will be paying for. Healthcare savings will be thrown in at a later date.
You want facts or UFT Bullshit?* Your call.
*Sorry, I usually don't curse in the postings.