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"At a stroke, this would boost salaries, support families and improve the quality of life for millions of people".
Indeed, some baseball experts said the agreement could ultimately help boost salaries by helping to restore balance and financial health to baseball.
But shareholders and regulators should watch the banks like hawks to see they don't just boost salaries to compensate for the loss of bonus potential.
There are two ways to tackle the problem in the short term, according to Radomir Jac, an economist at the Prague-based insurer Assicurazioni Generali: import workers or boost salaries.
The new contract for workers at St . Johns Riverside and Yonkers General Hospitals will boost salaries to levels comparable with hospital workers in New York City, said Michael Rifkin, the chief negotiator for Local 1199 Service Employees International Union.
According to a report in The Times earlier this week, the governor is planning to use funds from an increased cigarette tax and a payment of about $1 billion to the state from Empire Blue Cross-Blue Shield to boost salaries for state health workers.
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And, indeed, the Chinese government has tried to stimulate domestic spending by boosting salaries.
But boosting salaries directly through the Earned Income Tax Credit is equally inefficient.
While the Federal government remains the largest local employer, a number of high tech companies located in northern Virginia led by online powerhouse America Online as well as members of the Forbes Four Hundred, like Marriott International, Riggs National and Danaher, have added thousands of new jobs and boosted salaries.
That meant a huge amount of money went to boosting salaries for those workers who did not need it, said Incanto's former owner, Mark Pastore.
The agreement allows for a temporary pause in the first few years of boosted salaries if California's unemployment rate rises or if a deficit is projected in future state budgets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com