Mayor Bloomberg to the Times in August 2006: “If we enhance the pension system, then we can’t afford to pay as much in salaries…if we enhance the pension system and salaries, we can’t afford to have as many employees or to provide as many services. And that’s what everybody is unwilling to face.” Mayor Bloomberg reported by the Times last week, after he agreed to allow teachers to retire at age 55 with just 25 years working: "Mr. Bloomberg said the changes would be 'cost neutral' to the city for the first five years and would save 'in the tens of millions of dollars' in following years. City officials say that is partly because highly paid retirees will be replaced by younger, less costly teachers." Well, back in the 1990s Carl McCall said the massive pension enhancement he advocated, because he wanted support to be elected Governor, would be "free." But he also said, in report after report, that under then-Governor Pataki, the state's fiscal situation was prospering only due to an unsustainable boom in the stock market, inflating tax revenues and pension assets. So which Carl McCall turned out to be right? And hasn't equally financially savvy Mayor Bloomberg told us which way things will be going near term?
Room Eight is closed to new posts. The existing archive will remain up for the immediate future.
If you were a Room Eight writer and would like access to an export of your content, please contact the editor.
This site is not affiliated with or collaborating with any other news or opinion site.