Category: News and Opinion

As I was standing amidst the overflowing garbage on the boardwalk on Coney Island on July 4^th, which the oft-downsized Parks Department can apparently no longer afford to pick up (the trash bins in Prospect Park were not emptied on Monday July 3^rd either), and watching the police recruits, who will be replaced by those with so little ability that they cannot get a job for more than $25,000 per year, I wished more people were aware of the importance of the 2000 pension deal, which in an instant transferred $billions to retired and about to retire public employees from our then-future, now present.  As long as the benefits for the insiders, and cost to the rest, are separated by a few years in time, most people do not notice the connection.  They are vaguely dissatisfied, but they don’t understand why.  The ongoing losses to our quality of life are “inevitable.”  Now, it seems, more “inevitable” losses may be coming.

As I was standing amidst the overflowing garbage on the boardwalk on Coney Island on July 4^th, which the oft-downsized Parks Department can apparently no longer afford to pick up (the trash bins in Prospect Park were not emptied on Monday July 3^rd either), and watching the police recruits, who will be replaced by those with so little ability that they cannot get a job for more than $25,000 per year, I wished more people were aware of the importance of the 2000 pension deal, which in an instant transferred $billions to retired and about to retire public employees from our then-future, now present.  As long as the benefits for the insiders, and cost to the rest, are separated by a few years in time, most people do not notice the connection.  They are vaguely dissatisfied, but they don’t understand why.  The ongoing losses to our quality of life are “inevitable.”  Now, it seems, more “inevitable” losses may be coming.

As I was standing amidst the overflowing garbage on the boardwalk on Coney Island on July 4^th, which the oft-downsized Parks Department can apparently no longer afford to pick up (the trash bins in Prospect Park were not emptied on Monday July 3^rd either), and watching the police recruits, who will be replaced by those with so little ability that they cannot get a job for more than $25,000 per year, I wished more people were aware of the importance of the 2000 pension deal, which in an instant transferred $billions to retired and about to retire public employees from our then-future, now present.  As long as the benefits for the insiders, and cost to the rest, are separated by a few years in time, most people do not notice the connection.  They are vaguely dissatisfied, but they don’t understand why.  The ongoing losses to our quality of life are “inevitable.”  Now, it seems, more “inevitable” losses may be coming.

As I was standing amidst the overflowing garbage on the boardwalk on Coney Island on July 4^th, which the oft-downsized Parks Department can apparently no longer afford to pick up (the trash bins in Prospect Park were not emptied on Monday July 3^rd either), and watching the police recruits, who will be replaced by those with so little ability that they cannot get a job for more than $25,000 per year, I wished more people were aware of the importance of the 2000 pension deal, which in an instant transferred $billions to retired and about to retire public employees from our then-future, now present.  As long as the benefits for the insiders, and cost to the rest, are separated by a few years in time, most people do not notice the connection.  They are vaguely dissatisfied, but they don’t understand why.  The ongoing losses to our quality of life are “inevitable.”  Now, it seems, more “inevitable” losses may be coming.

Now that the slot machines are shut down, the majority of people who don’t read the newspapers may have noticed that New Jersey, the richest state in the country, a state that therefore has a low social service burden and a large tax base, is nonetheless bankrupt.  Some may be wondering how this could have happened.  The answer is that the State of New Jersey has pursued many of the future-destroying policies of the State of New York, but to a greater extent and with a lower tax rate.

The City and State of New York reduced their contributions to their employee pension funds, allowed employees with 10 or more year’s seniority to stop contributing themselves, and drastically increased benefits by adding an inflation adjustment that was retroactive for those already retired.  As a result, required pension contributions have soared, leading to year after year of service reductions and higher taxes.  Moreover, some of the additional contributions New York City will be forced to make have been deferred, leading to even greater contributions in the future.  We’ll start paying for some of the 2000 pension deal in 2010.

Now that the slot machines are shut down, the majority of people who don’t read the newspapers may have noticed that New Jersey, the richest state in the country, a state that therefore has a low social service burden and a large tax base, is nonetheless bankrupt.  Some may be wondering how this could have happened.  The answer is that the State of New Jersey has pursued many of the future-destroying policies of the State of New York, but to a greater extent and with a lower tax rate.

The City and State of New York reduced their contributions to their employee pension funds, allowed employees with 10 or more year’s seniority to stop contributing themselves, and drastically increased benefits by adding an inflation adjustment that was retroactive for those already retired.  As a result, required pension contributions have soared, leading to year after year of service reductions and higher taxes.  Moreover, some of the additional contributions New York City will be forced to make have been deferred, leading to even greater contributions in the future.  We’ll start paying for some of the 2000 pension deal in 2010.

Now that the slot machines are shut down, the majority of people who don’t read the newspapers may have noticed that New Jersey, the richest state in the country, a state that therefore has a low social service burden and a large tax base, is nonetheless bankrupt.  Some may be wondering how this could have happened.  The answer is that the State of New Jersey has pursued many of the future-destroying policies of the State of New York, but to a greater extent and with a lower tax rate.

The City and State of New York reduced their contributions to their employee pension funds, allowed employees with 10 or more year’s seniority to stop contributing themselves, and drastically increased benefits by adding an inflation adjustment that was retroactive for those already retired.  As a result, required pension contributions have soared, leading to year after year of service reductions and higher taxes.  Moreover, some of the additional contributions New York City will be forced to make have been deferred, leading to even greater contributions in the future.  We’ll start paying for some of the 2000 pension deal in 2010.

Now that the slot machines are shut down, the majority of people who don’t read the newspapers may have noticed that New Jersey, the richest state in the country, a state that therefore has a low social service burden and a large tax base, is nonetheless bankrupt.  Some may be wondering how this could have happened.  The answer is that the State of New Jersey has pursued many of the future-destroying policies of the State of New York, but to a greater extent and with a lower tax rate.

The City and State of New York reduced their contributions to their employee pension funds, allowed employees with 10 or more year’s seniority to stop contributing themselves, and drastically increased benefits by adding an inflation adjustment that was retroactive for those already retired.  As a result, required pension contributions have soared, leading to year after year of service reductions and higher taxes.  Moreover, some of the additional contributions New York City will be forced to make have been deferred, leading to even greater contributions in the future.  We’ll start paying for some of the 2000 pension deal in 2010.