Tag archive for New York

What’s really behind the NYC pension crisis?

The NY Times has a long story today on the woes of New York’s municipal pension system, which explains that despite sharply higher contributions on the city’s part its pension hole just keeps growing. The problem, the story outlines in great detail, is that the pension system’s managers have not been able to match the aggressive investment assumptions necessary to keep the system well-funded. Fair enough, but that’s not really the heart of the problem…just a symptom of it….

Bloomberg’s cheap shot at Christie on pensions

I generally try to remain agnostic about whether the media politically lean one way or another, and whether the press has it out for certain politicians or not. Still, a piece that ran on Bloomberg today entitled “Pension Promise Broken by Christie Affirmed Across U.S.” is so misleading that I assume the reporter who wrote it either understands little about what states and municipalities are (and aren’t) doing about pensions,or simply wanted to publish a cheap shot at Christie, who deserves criticism but is hardly alone in coming up short…

Jersey pension system beyond saving at any reasonable cost

For three years now PSI has been warning that New Jersey had neglected its government employee pension system for so long that the state’s 2010 and 2011 reforms were inadequate to save the system. At some point we said (numerous times) the state would have to admit it could not possibly keep to the refunding schedule it had set for itself. Yesterday Gov. Christie declared as much…

Griping about taxes is high where unions are strongest

Gallup has a new state poll out listing where residents gripe the most about taxes. The winners (if you can call them that) are largely not surprising, if you 480x480xno-taxes.gif.pagespeed.ic.FajJWeTt5lfollow policy debates these days. (Except for Nebraska. What are those folks so upset about?) Just for fun (if you can call it that) I took a look at how the list of those complaining the most about taxes correlated to the degree of government unionization in each state…

U.S. prosecutor to seize pensions of corrupt state pols

New York State has what’s generally considered among the most extensive protections of public sector pensions in the states, thanks to a constitutional clause guaranteeing that pensions cannot be diminished. The protection is considered so great that NY lawmakers have over the years used it to justify continuing to pay pensions to politicians convicted of corruption. Now a federal prosecutor is stepping in to stop the process…

Income migration and unions: Causation, correlation, coincidence?

The Tax Foundation has calculated the income of people migrating among the states for the period 2000 to 2010. One cannot help but notice that states with the largest net-negative income migration are also among the states with the highest levels of public worker …

New York’s legislative pension scam

One impediment to pension reform, I’ve observed before, is that around the country state and local legislators have crafted retirement packages for themselves that are equal to or better than the pensions of government workers. Legislators thus often have a stake in stonewalling reform of …

Who is doing better, private or government workers?

The Pew Center on the States has posted a new dataset based on Census numbers, comparing average wages for private sector workers and government workers in all 50 states from 2007 through 2012. The numbers show wide variety among the states. In 25 states, including …

What does your governor earn?

In the item below we listed the states with the highest paid legislators. The Pew Center on the States has just released a list of governors’ salaries for this year and each year going back to 2007. Highest paid is Pennsylvania Gov. Tom Corbett, although Pew notes that Corbett …

Awareness raised. Now what?

Municipal officials in New York appreciate state efforts to increase public awareness of their fiscal struggles, but it won’t be enough to stabilize local budgets. Speaking yesterday at a forum hosted by City & State,  Syracuse Mayor Stephanie Miner and the county executives of Erie, …