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Old 02-04-2013, 11:57 AM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,305,769 times
Reputation: 7340

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Quote:
Originally Posted by SilverBulletZ06 View Post
Like most of Cuomo's policies, it is a nice sound byte but it does nothing in reality.

Not to mention they are using a sledge hammer instead of a scalpel. Why do we need 2% caps instead of just going by-contract. Instead of folding like a wet noodle, counties should stand up for their taxpayers.
The problem is counties don't have any power over school districts.
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Old 02-04-2013, 02:10 PM
 
1,082 posts, read 2,764,393 times
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Quote:
Originally Posted by Goodnight View Post
The tax cap has worked to a certain extent, the largest issue is that many districts are borrowing either because they cannot cut anymore due to existing contracts. DiNapoli came up with a method for schools to borrow against the pension fund, right after Cuomo announced the tax cap. This makes no sense and actually makes the financial situation worse because it masks the problems giving taxpayers a false sens of security and pushes the problem into the future. Cuomo and DiNapoli will be long gone and the budget problems will be worse than today.
Obviously DiNapoli has modeled his work-around after Congress, which likes to use Social Security funds as a credit card.
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Old 02-04-2013, 02:48 PM
 
Location: Long Island
57,271 posts, read 26,206,502 times
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Quote:
Originally Posted by bubbathedog View Post
Obviously DiNapoli has modeled his work-around after Congress, which likes to use Social Security funds as a credit card.
Actually it's much worse than social security because SS does not rely on a target earning of 7.5% each year to meet payroll. When municipalites borrow at a rate of 3.75% from the pension fund, that money cannot be invested and is locked in at 3.75%. The more municipalities that borrow, the less they have to invest, driving down the return. Granted the pension fund is huge but so many governments unable to meet rising pension costs will most definitely have a significant impace.

See attached report by Paul Volker and Richard Ravitch, (page 9)




http://www.statebudgetcrisis.org/wpc.../NY-Report.pdf
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