Angry New Yorker

Monday, January 10, 2005
Ticking time-bomb, iceberg over the horizon, pick your metaphoric poison... the result's the same

The growing pension and fixed expenses portions of NYS and NYC budgets is a ticking time-bomb that no politician spouting feel-good, "bold" predictions for a sunny future can avoid. While we know everyone lives on illusion as long as they can afford it, we can't afford it in NY any longer. And any "bold" initiatives aren't going to come from our politicians here. See
Start the revolution
A fiscal expert says New York needs radical reform: Abolish public pensions

Arnold Schwarzenegger just proposed it for California. Michigan has had it since 1997. Florida has had an optional version since 2000. It's time for New York to join the revolution and adopt the same kind of 401(k) retirement plan that is almost universal in the private sector for its future civil servants.

The idea may come as an initial shock to the unions, but in fact it would offer benefits to workers and taxpayers alike.

Over the last five years, New York City's annual pension contribution for municipal workers has risen an incredible $2.6 billion. Another $700 million pension hike is expected in Mayor Bloomberg's preliminary budget for fiscal 2006.
Read the entire article here in today's New York Daily News newspaper, here.

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