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Good analogy. Hearing this type of callous, unempathetic response is exactly what will make city pensioners go to bankruptcy before accepting a haircut.
They would be awfully stupid to prefer bankruptcy. The PBGC is bankrupt and Trump sure won't fund it so there are no backups.
I don't think you really get the city pension scandal.
You should read up on it. For all the hard working clerks, there were more political appointments and high wage earners who bought time suspiciously , etc etc and then "retired" to other jobs and to phony disability while collecting big city pensions with giant COLAs attached.
I'm all for legitimately earned pensions, but I have witnessed far too much of what has gone on in this city (political appts of unqualified people who provided lousy and rude public service) over decades to be naive. There needs to be a revisit.
They would be awfully stupid to prefer bankruptcy. The PBGC is bankrupt and Trump sure won't fund it so there are no backups.
I don't think you really get the city pension scandal.
You should read up on it. For all the hard working clerks, there were more political appointments and high wage earners who bought time suspiciously , etc etc and then "retired" to other jobs and to phony disability while collecting big city pensions with giant COLAs attached.
I'm all for legitimately earned pensions, but I have witnessed far too much of what has gone on in this city (political appts of unqualified people who provided lousy and rude public service) over decades to be naive. There needs to be a revisit.
As might be guessed, I am no stranger to the city pension system & crisis. "Scandal" as you refer to it. Understanding that there were many instances of pension/wage benefits exchanged for political favor or even payola does not change the catastrophe of what is coming. The reckoning for the city can't be avoided unless some type of action is taken soon. If it's a position that pensioners need punished, by reducing their benefit for this corruption, then don't hold your breath for a pre-bankruptcy solution. If such a punitive attitude carries the day, bankruptcy will happen. Providence will fit nicely between Bridgeport & Detroit in the history books.
With the exception of the teachers, city employees are NOT part of the state system and DO contribute to their pensions.
My sentence was poorly written sorry.
My point was that the Public made agreements with the Employees to contribute to these pensions as part of the employees benefits package and it was the public including the employees who dropped the ball in at least the "public's" funding of these pensions. There should have been yelling by the public employees decades ago calling the public out on their not funding the pensions properly. The past voters were all responsible for this current fiscal crises. It was treated like a huge pyramid scam. Everyone from the past thought those in the future would pick up the tab. I'm saying no.
My point was that the Public made agreements with the Employees to contribute to these pensions as part of the employees benefits package and it was the public including the employees who dropped the ball in at least the "public's" funding of these pensions. There should have been yelling by the public employees decades ago calling the public out on their not funding the pensions properly. The past voters were all responsible for this current fiscal crises. It was treated like a huge pyramid scam. Everyone from the past thought those in the future would pick up the tab. I'm saying no.
Yes, if it had been 100% funded, pay as you go, the taxpayers would have put a stop to the abuses.
Yes, if it had been 100% funded, pay as you go, the taxpayers would have put a stop to the abuses.
But they didn't and they kept electing people to make these promises. I want the pensions to become solvent if that is ever possible, but it will take all sides and pain needs to be carried evenly. I hear people earned and deserved and I hear promises were made...but neither side kept their promises so everyone needs to work on a solution no one has higher ground here.
But they didn't and they kept electing people to make these promises. I want the pensions to become solvent if that is ever possible, but it will take all sides and pain needs to be carried evenly. I hear people earned and deserved and I hear promises were made...but neither side kept their promises so everyone needs to work on a solution no one has higher ground here.
I'm not sure what promises the pensioners didn't keep, but they have planned their sunset years around receiving the pensions they spent their careers paying into. That their unions are going to set around a table and negotiate their own haircut, as suggested by president of the city council, is unlikely to happen. Elorza is promoting the sale of the water supply because he knows it's the only way out - short of bankruptcy.
I'm not sure what promises the pensioners didn't keep, but they have planned their sunset years around receiving the pensions they spent their careers paying into. That their unions are going to set around a table and negotiate their own haircut, as suggested by president of the city council, is unlikely to happen. Elorza is promoting the sale of the water supply because he knows it's the only way out - short of bankruptcy.
The pensioners were/are voters. They are part of the negligence of the governments. If their unions were strong enough to get this stuff passed...then the Unions/Organizations should have made sure there was funding every year.
The pensioners were/are voters. They are part of the negligence of the governments. If their unions were strong enough to get this stuff passed...then the Unions/Organizations should have made sure there was funding every year.
Shoulda Woulda Coulda. The pension obligations weren't funded. And, if they aren't better funded soon, the city will be bankrupt.
I hate to break it to you, but the unions are not there to look out for the taxpayers and city's financial health. That is why we elect "leaders" to represent "us". Saying that, I am a union member and not pro or anti-union. But it is what it is, there has to be a balance and it's up to the voters "hire their own advocates".
The state's biggest financial challenge. The treasurer agrees on trying to monetize the water supply to save the pension system and save a city headed for bankruptcy. "That easy option, the easy alternative just isn't out there."
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