I read today that the State Comptroller is cutting the pension contributions required of local governments outside New York City. Can more pension enhancements be far behind? It’s like 2000 all over again. Does anyone remember what happened next? More importantly, has the Comptroler been reading the financial press about what is happening now? It’s scarier than anything I can remember — all the crap that happened over time, rather than blowing up over time, seems to be blowing up at once.
When the state and local governments are flush, and tax revenues are rolling in, that’s the time to raise pension contributions, not cut them. A year or two from now, when those contributions are raised at most damaging possible time, remember this day. I just hope the City of New York is not following the State of New York’s example, and if it isn’t, that the State won’t decide the city isn’t suffering as much as everyone else a year or two from now and nail us disproportionately — again.