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Old 04-11-2011, 01:23 PM
 
Location: Inis Fada
16,966 posts, read 31,898,835 times
Reputation: 7633

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The Torch

"Oblivious to exploding pension costs and the looming iceberg of retiree health care obligations, Albany lawmakers have introduced 55 bills that would “enhance the pension benefits of New York’s public employees, grant costly protections to retiree health insurance benefits, and make fiscally imprudent changes to the funding of the State’s pension system,” according to the Citizens Budget Commission, which issued its Benefit Sweetener Scorecard today.

In addition to the teacher pension borrowing scheme highlighted here last week, the bills include a pair of proposals that would roll back pension benefits to the rich, pre-1973 Tier 1 level, and another that would extend the option of early retirement without unreduced benefits to all employees who are at least 55 and have at least 25 years of service. Lawmakers have also introduced a half dozen measures that would prevent government employers from seeking to save money on retiree health benefits."

The Sweetner Scorecard link:
http://www.cbcny.org/sites/default/files/Pension_Scorecard_2011_1.pdf (broken link)

I thought NYS was trying to close the budget deficit.
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Old 04-11-2011, 01:42 PM
 
929 posts, read 1,931,259 times
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Nope, they're just trying to hide it from you and kick the can down the road.

My biggest worry is the idea of issuing bonds to pay the pension obligations. This type of strategy would be catastrophic to our communities. Issuing debt for a reoccurring cost is an easy way to go broke. It's like putting your mortgage on a credit card every month. It will make a medium sized problem today become a calamity in ten years.
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Old 04-11-2011, 01:46 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,053,565 times
Reputation: 7295
Default As we can see ...

... many of the politicians of NYS are still nothing but water-carriers for the public sector unions.

I did a search on the names in the PDF you linked to in order to see if my legislators were sponsors or co-sponsors of any of these. Neither of their names came up in my search.

However, I am still going to write to them to express my feelings on the tax burden and the "kicking the can down the road" method of borrowing from the pensions so they don't have to make the hard decisions they need to today and the detrimental effects of any of these .

I suggest everyone do the same.

If you do not know who your State elected officials are, go to Congress.org - Get informed, get involved and on the upper right side, where it says "Get Involved" "Find your Lawmakers, tell them what you think" put in your zip code and the webpage will tell you who they are. If you have split districts between zip codes, you can put in your address or zip+4 so you can get precise answers.
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Old 04-11-2011, 01:48 PM
 
Location: Tri-State Area
2,942 posts, read 5,628,231 times
Reputation: 1831
Quote:
Originally Posted by I_Love_LI_but View Post
... the politicians of NYS are still nothing but water-carriers for the public sector unions.

I did a search on the names in the PDF you linked to in order to see if my legislators were sponsors or co-sponsors of any of these. Neither of their names came up in my search.

However, I am still going to write to them to express my feelings on the tax burden and the "kicking the can down the road" method of borrowing from the pensions so they don't have to make the hard decisions they need to today and the detrimental effects of any of these .

I suggest everyone do the same.

If you do not know who your State elected officials are, go to Congress.org - Get informed, get involved and on the upper right side, where it says "Get Involved" "Find your Lawmakers, tell them what you think" put in your zip code and the webpage will tell you who they are. If you have split districts between zip codes, you can put in your address or zip+4 so you can get precise answers.

Can't wait to start shorting NYS muni debt. This will be the next game in town.
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Old 04-11-2011, 02:02 PM
 
Location: Inis Fada
16,966 posts, read 31,898,835 times
Reputation: 7633
I read the 'sweeteners' and I want to spit. My business is here and can't just be picked up and moved elsewhere. It would involve years of building up the business' reputation from scratch. I have one child left in school and I shudder to think what the property taxes are going to be when she approaches graduation (6 years away.) It is difficult doing the right thing and trying to stay in place when the powers-that-be keep finding new ways to take a little more. Saving for retirement gets chipped away at, Social Security might not be here in the long run. It's frustrating. NYS has to stop looking at LI and downstate as it's ATM.
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Old 04-11-2011, 02:24 PM
 
929 posts, read 1,931,259 times
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Quote:
Originally Posted by OhBeeHave View Post
I read the 'sweeteners' and I want to spit. My business is here and can't just be picked up and moved elsewhere. It would involve years of building up the business' reputation from scratch. I have one child left in school and I shudder to think what the property taxes are going to be when she approaches graduation (6 years away.) It is difficult doing the right thing and trying to stay in place when the powers-that-be keep finding new ways to take a little more. Saving for retirement gets chipped away at, Social Security might not be here in the long run. It's frustrating. NYS has to stop looking at LI and downstate as it's ATM.
ATMs have cash limits.
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Old 04-11-2011, 02:40 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,053,565 times
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Quote:
Originally Posted by NYEconomist View Post
ATMs have cash limits.
At what dollar amount does the one on Long Island property taxes hit? Seriously, we need to know.
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Old 04-11-2011, 02:44 PM
 
Location: Inis Fada
16,966 posts, read 31,898,835 times
Reputation: 7633
Quote:
Originally Posted by NYEconomist View Post
ATMs have cash limits.
Unfortunately the one's holding the ATM cards are continually voted back into office to swipe the card another day.
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Old 04-11-2011, 03:35 PM
 
757 posts, read 1,412,400 times
Reputation: 358
Default hmm

Why not complain about how the state and local governments have been borrowing from the pension system and not paying it back .I bet we wouldnt be in this mess if they did pay it back like they were supposed to. I remember this happening a couple of years ago before the market crashed.
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Old 04-11-2011, 03:49 PM
 
929 posts, read 1,931,259 times
Reputation: 565
Quote:
Originally Posted by majortom1981 View Post
Why not complain about how the state and local governments have been borrowing from the pension system and not paying it back .I bet we wouldnt be in this mess if they did pay it back like they were supposed to. I remember this happening a couple of years ago before the market crashed.
The New York Comptroller has done a great job of not allowing the state to borrow from the NYS Pension fund.

That is not the case with Social Security.

That aside, we need to start dissolving these types of programs. They are an abject failure, a lead zeppelin that needs to be quarantined and sealed up before they become unsustainable black holes that swallow our communities. I'm hoping it's not too late.
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