Key point:
In New York alone, where the state pension fund lost $44 billion, or about 28 percent of its value, during the last year, local government contributions to the pension fund are going to have to triple over the next six years to make up the shortfall. Local governments will have to supply an extra $5.5 billion per year. That tax burden alone—traditionally derived to a great extent from the property tax—could break the backs of many communities.Thanks for the heads up, Eliot. Too bad you didn't address that problem when you had the chance.
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1 comment:
Jim Gust, you must be the bravest person on the planet. The rest of us, unless we were already planning to end it all, shouldn't even *think* about the fate of pension plans for state employees.
Certainly Gov. Spitzer wasn't brave enough to say, "No further pension benefits will accrue after this Friday." (But if he had been so foolhardy, he would have deserved a month's worth of free call girls!)
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