Same-Sex Marriage Bill REJECTED in New York State Senate
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The latest happy tidings from that fountain of good news named Albany warn that ballooning pension costs may drain local government coffers in the next six years. As reported in today's NY Times, an analysis from the state comptroller's office forecasts that state pension costs will triple to $8 billion by 2015, and the only solution is—you guessed it—there isn't one! Upset by that prospect, NY State Association of Counties Director Stephen J. Acquario tells the Times: "It’s alarming, eye-popping and unthinkable...Where is this money going to come from?" In keeping with local custom, no one in Albany can agree on an answer. Governor Paterson wants to limit pensions for new workers, while Comptroller Thomas DiNapoli thinks instead that counties should borrow money from the state to cover the costs. Others believe a tax increase will have to be in the offing, but of course, the legislature is a bit indisposed at the moment. A strong economic recovery could help matters, but what's the bottom line here? Cut benefits or bottom out, says Zvi Bodie at the Boston University School of Management: "Going forward, we’re going to have to promise less."
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That's the lamest thing I've ever seen on eBay :( I'll just go down to my local trophy shop and hav
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Either tax the few to cover the old, or ditch the pension scheme entirely (Actually, I'd do both). Cover the pensions that are guaranteed now and allow only 401k or 403b plans for newer employees.
It is a perk we can no longer afford.
Agreed. How can anyone, anyone be surprised by this as there have been numerous warnings for years?
The unions are atrocious whether it's public or private sector.
Is this not a problem in other states? If not, I'm strongly considering pulling a Tom Golisano/Rush Limbaugh and leaving NY State so I don't have to deal with this shit.
I'm liberal but want my tax dollars to help the poor & vulnerable and obviously the municipality. What I don't want is to pay for the bloated pensions of retired municipal workers who worked tons of overtime their last 3 years on the job in order to increase their pensions - not to mention the fact that these same people are retiring with bloated pensions after only 20 years on the job.
I too would like the last 3 years of my career when I'm 45 to determine just how much money I get to bleed out of the local government for the rest of my life, but I'm not an unrealistic asshole.
I'm sorry I bashed the union at Stella D'Oro, as they're not bleeding government dry like municipal unions do. I also regret ever thinking that teachers should earn more money, as they get paid not to work for the second half of their lives.
This is a huge problem in other states, especially Illinois, California, and even Arizona. Most of these states were less affected by the kind of outragious patrimony NYS bestows on its employees and more on their investments that were supposed to guarantee pensions but have dwindled sharply. A lot of states are indeed debating whether employees deserve retirement packages after only 20 years. I say make it 35 years and that should erase most of the nasty.
the state should go into bankruptcy. this would clear off the balance sheet of all these pensions and other garbage including MTA, etc. it's unfortunately the only way, as Albany is completely useless and in bed with these interests. we'd be better off if Albany just shut down entirely as obviously we don't need to be paying them salaries, life will go on with no legislature and the million laws we already deal with.
I have no problem with living up to the agreements we made with our civil servants. They dedicated their lives to serving this city and this state and they are owed this benefit. If we having trouble crunching the #s then we need to stop rewarding those who don't work. Eliminate welfare and medicaid (this does not include disability benefits). Fuck the poor. They can work or they can die for all I care. Why should we take from those who have served us to provide for those who serve no purpose. I pray for the day we tear down the projects and send the skells to Jersey.
"They dedicated their lives to serving this city and this state and they are owed this benefit"
I'm sure that describes some public servants, but certainly not all. Unfortunately, unions and lazy management create a system where lousy workers are basically guaranteed employment, which makes things harder on the public as well as the few public servants who actually care.
How is it fair to cut benefits to/raise taxes on younger workers and new hires to pay for benefits for retirees who didn't properly fund their own pension benefits? It's their own fault, I say fuck 'em.