Year after year, the New York State legislature passes bills that enrich the pensions of New York’s public employees. The employees who benefit are often already retired or about to retire, and thus offer neither improved work nor gratitude in return. Even this year, with taxes rising and public services being gutted, dozens of such bills were introduced and many were passed, with the Governor already signing a bill to possibly allow tens of thousands of government workers to retire years earlier than they had been promised – and decades earlier that most New Yorkers in younger generations will be able to.
So how much do all these pension deals cost? Most are passed in the dead of night with no analysis, no debate and no announcement. An irrevocable decision that future state legislators cannot reverse, no matter how disastrous, is hidden from public view. But to the extent the state legislature, Governor and/or Mayor do put a price on these deals, it generally falls into one of two categories. Either they claim it costs nothing, or they claim it actually saves money. I beg to differ. As the model in the spreadsheet attached to this post shows, newly re-attached for those who had trouble downloading it, just the recent deals I am aware have vastly increased the cost of New York’s public employee pensions far beyond what had been promised or admitted. Public services and benefits will be devastated to pay for them. This massive, bi-partisan transfer of wealth from those who are worse off to those who were already better off marks the beneficiaries as selfish and the state legislators as despicable. Totally despicable. Particularly when the unions and legislators subsequently have the nerve to pretend to object to service cuts, benefit cuts, and tax increases, staging a hypocritical show of protest.