I have just read three news accounts of Governor Cuomo’s pension proposals. Cuomo does not propose any sacrifices at all for current workers and retirees. None of the news accounts said any of the following.
1) That current employees approaching retirement and current retirees received drastically more generous and costly pensions than they had been promised when they were hired. The unions claimed it would cost nothing, but they lied.
2) That future public employees would not only receive less in pension benefits than current workers and retirees are getting, but also less than they had been promised when they were hired.
3) That future public workers would earn drastically less in overall compensation than current workers and retirees. In the article, the differences is expressed as a “savings” for the government. The comparison between current and future workers is not mentioned, or justified, or questioned. And it’s connection to broader social trends and values across all areas of public policy is unexplored.
The unions are protesting against the proposal, just as they are protesting against layoffs, but I know better.
In fact they’ll gladly agree to even lower pension benefits — and wages — for future hires in exchange for an “pension incentive” to allow current workers an even earlier retirement.
Then argue that it is OK for them to do a lousy job because (citing the deal new workers get) they are underpaid.
Then, after only the lower pension benefits are funded, strike a political deal to drastically inflate those benefits retroactively, and claim doing so will “cost nothing.”
Governor Cuomo isn’t proposing to reduce pension benefits, because these could be irrevocably retroactively enhanced at any time at 3 am, creating a legally binding “contract” on everyone else in the state regardless of the consequences even if they didn’t know about it. He is proposing to reduce pension FUNDING.
All these proposals, which are just what the unions want, are exactly identical to the screw the newbie flee to Florida deals that have gone before. And exactly similar to the Paul Ryan plan for Medicare and Social Security — more and more debt for more and more benefits for those 55 and over, drastic reductions for anyone younger to pay it back.
It seems that everyone proposing these deals, making these deals, and reporting on these deals is a member of Generation Greed. And the unions represent Generation Greed only. They want to do it and benefit from it, but they don’t want to admit or face the consequences. If others are getting less, it is because you took too much, and others would not be as bad off if you were willing to give something back. But you are not.