sda2.jpg

January 19, 2012

Cracks in the Socialist Reality Bubble Begin

Public sector workers in New York state are beginning to learn a few important lessons in math.

“We can no longer sustain the current pension system,” [Democrat Governor] Cuomo said, citing a projected 185 percent treasury-busting increase in pension costs from 2009 to 2015 if nothing is done.

“This is devastating to the state and the local governments,” he said of the rising costs.

“We need pension reform. We need it desperately.”

Posted by Robert at January 19, 2012 4:21 PM
Comments

I'm surprised a Democrat actually cares about it.

Posted by: grok at January 19, 2012 4:39 PM

The Peoples' Republic of New York (PRNY) has a lotta problems.

I was reading on one of those online newsletters this morning about the "human aspects of fracking".

It seems farmers are having to shut down due to over regulation and the Pennsylvania NG boom is providing them jobs. One farmer was ruined because NG resorces being beneath his farm caused his taxes to skyrocket but PRNY has blocked any drilling for NG "for the environment"....blocking this guy's chance of cashing in on the situation that taxed him out of business.

Posted by: sasquatch at January 19, 2012 4:39 PM

Suspending $15 million for a new New York City eviction- and homelessness-reinvention program until it is reviewed.

-

Sad,
NYC will not be giving one way airline tickets, out of NYC,
to the homeless.


Posted by: Fearless Leader at January 19, 2012 4:40 PM

Correct me if I'm wrong, but wasn't Cuomo himself a major instigator of hardcore leftist polices?

Posted by: Ellie in T.O. at January 19, 2012 4:45 PM

The pension costs are cutting into Cuomo's ability to pay off his non-labor cronies.

Posted by: JB1000 at January 19, 2012 4:55 PM

Yeah, probably one of the greatest irony of the 21st century is the leftist whailing about "sustainability" in all human endeavor, when the fact of history is, there has never been a sustainable leftist economic or entitlement policy. Lefty thy name art Ponzi.

Posted by: Occam at January 19, 2012 4:57 PM

" . . . until you run out of other people's money to spend . . . "

Time's up fools. Kiss your future goodbye.

Socialism . . . a giant self inflicted wound.

Posted by: Fred at January 19, 2012 5:03 PM

Battles between public employees who demand to have their gilt-edged pension plans supported and taxpayers who refuse to be pay the exorbitant rates needed to support these plans is becoming more common.

Posted by: rabbit at January 19, 2012 5:15 PM

Cuomo was indeed one of the architects of the massive government employee "empire" in New York State. I'm sure, though, that given time, it will come out that he's been against these pensions ever since they were enacted. After all, having to accept responsibility for the consequences of one's actions is a concept most of the socialist-leftist camp can't even understand.

And it's interesting how NY has really been reaching deep to find every last bit of money they can possibly get. My parents moved out of NY 6 years ago, and this past year they got an overdue tax notice from NY claiming that they owed taxes to NY for the year of the move on income which they received out of state after they had moved. The theory was that if they had been NY residents for 60% of the year, then 60% of ALL their income (plus 100% of any income received in NY or originating in NY) was taxable by NY - regardless of where/when it was received.

Posted by: Joey W at January 19, 2012 5:25 PM

Once again reality slaps the lefties in the face, and they don't like it a bit.

Posted by: Dirtman at January 19, 2012 5:42 PM

Ellie, you may be thinking of Mario Cuomo from the '80's. He was known far and wide as Cuomo The Homo.

Posted by: John Beresford Tipton at January 19, 2012 5:58 PM

Cuomo joins the governor of Massachusetts (both Democratic governors in longtime liberal states) is making moves to cut employee headcount and reduce benefit packages. If a GOP governor would've tried that in those states we'd have a repeat of Wisconsin, where a Republican did those unpopular moves, and now faces a recall election.

So, perhaps the moral of the story is to elect Dems and then cut off their funding, and let them make the cuts?

Posted by: geek49203 at January 19, 2012 6:32 PM

Shut up and keep printing!

Posted by: Howie at January 19, 2012 7:25 PM

"185 percent treasury-busting increase in pension costs from 2009 to 2015"

A near tripling of costs over a short span of 6 years is not a new surprise. It is structurally built into the system, and has been known to actuarialists for years. It is the politicians that have been ignoring the problem, that is until they can no longer do so. That time is now for Cuomo. It will be soon for many more.

Posted by: Woodporter at January 19, 2012 7:39 PM

Two points.

First, the very same people who whine and wail about the 'greedy' 1% are themselves a greedy special interest group who are prepared to see the world collapse around them in order to maintain their 'entitlements'.

Secondly, it's not unique to NY. My property taxes are going up 6.7% this year - and this is in a rural district. Ostensibly it's to provide another 5000 hrs. of bus service when our full size buses seldom have more than four passengers aboard. Our Regional Board is of the mind that 'if we expand it, they will come' when there is no such evidence.

What it really means is more public service union jobs with higher wages, better benefits and more generous pensions than those paying the taxes. Oh, and a bigger District budget that then justifies higher 'remuneration' for the Board members.

I've tried to point out that as they take increasing amounts of money from our pockets, the whole community suffers. This year I'll have $250 less to spend in stores and restaurants in my community, meaning fewer jobs for those non-property tax paying young people riding in near empty buses.

Posted by: No Guff at January 19, 2012 7:57 PM

[Quote]This year I'll have $250 less to spend in stores and restaurants in my community, meaning fewer jobs for those non-property tax paying young people riding in near empty buses.[/quote] No Guff

It is unrealist to think that a Socalist will understand that simple choice will obsolete/destroy them.. The tax on anything moves money away from
that sink hole to another choice... It's that simple...

Fuc@ New York!

Posted by: Slap Shot at January 19, 2012 8:25 PM

Sheesk, just keep printing more money, duh. Everyone knows that Obamba just makes money out of thin air and gives it to all his friends and people he cares about. Hey wait a minute..........

Posted by: Knight 99 at January 19, 2012 8:46 PM

Occam nails it at 4:57 and that includes the 20th century.

All you have to do is see the common folk wretches in the former Soviet Union who have been making slow progress in learning how to think and do things in an entrepreneurial fashion. Twenty years and the progress is slow, but coming.

Posted by: Ken (Kulak) at January 19, 2012 9:00 PM

I live in a town (25,000) people with about 800 city, county, state employees.

I worked for a large international company and was able to take my 712.00 dollar joint monthly pension at age 60.
If I die, my wife gets it..

After 28 years in sales I like to think I probably made the company several millions of dollars.

Thinking my pension was probably pretty nice,
I asked the city desk clerk that signed up my membership for an activity club,

"when will you retire?"

She is retiring after 27 years service in 2012 with a monthly pension of $1,725 dollars per month plus about 800 dollars a month in SS.

All I can say is-

"I missed my frigging calling."

Posted by: Fearless Leader at January 19, 2012 9:27 PM

The reason Democrat governors are able to get concessions is that the unions know when state revenues improve, they'll get.catch up benefits. This is nothing but putting shoe polish on a turd.

Posted by: Reginald at January 19, 2012 9:35 PM

'Reform' how quaint! Yesterday that might have worked, but every level of government, every quasi-government organization like General Motors or Amtrak, all of'em have these liabilities on the books, and they're all indexed to inflation. Nothing will be done, so they'll have to implode.

Posted by: Philanthropist at January 19, 2012 11:05 PM

Fearless Leader wrote: "She is retiring after 27 years service in 2012 with a monthly pension of $1,725 dollars per month plus about 800 dollars a month in SS."

Therein lies the problem. Graduates would prefer to work in the public sector, knowing that not only do they have security, they also have a superior salary, better benefits and an indexed, defined benefit pension plan. Oh and let's not forget bankable sick days and greater numbers of paid holidays.

Why the he** would anyone want to work for the private sector anymore?

The other ugly part of the scheme is how municipalities and their employees use the weakest negotiator amongst municipalities to set the 'standard' for upcoming contracts. We are played for patsies and when I last spoke to our Regional District Board about their 'mission creep' (they actually have a budget for 'social justice' and 'restortive justice')and the disparity between civic workers and their private sector counterparts, I was actually accused of wanting them to engage in "a race for the bottom" and wanting public workers to "work for minimum wage".

We the taxpayers are the bad guys for questioning how our taxes are used, apparently.

Posted by: No Guff at January 20, 2012 2:01 AM

Occam @ 4:57 p.m. nails it: "Lefty thy name art Ponzi."

Or Cloward-Piven.

Posted by: nv53 at January 20, 2012 2:32 AM

I was actually accused of wanting them to engage in "a race for the bottom"

Posted by: No Guff

-

You probably didn't realized it,
but you/they hit the proverbial nail on the head.

It is "a race for the bottom"

When it finally comes crashing down around their monopoly money bank accounts.

We will hear weeping, wailing,
and a gnashing of teeth..

Posted by: Fearless Leader at January 20, 2012 2:37 AM

"I'm surprised a Democrat actually cares about it."
. . . .

Democrats adore the authority of taking everyone's money and then doling it out in ways designed to add to their own political power. They love it when they can hand oodles of bucks over to people who didn't earn it, because it makes them feel as if they were the source of that wealth. And, for every dollar that flows through their hands, a few cents fall off and go tumbling down into their open pockets.

But when we reach a point where the bulk of the taxed-away money is already spoken for by long-standing labor contracts calling for huge pensions for retired workers - when the Democrat pols know that the taxes are already so high that they can't just slip in a new increase or two for some spare walking-around pocket money for themselves to hand out whenever they want some more "friends" - well, THAT'S when " . . a Democrat actually cares about it."

Posted by: bobby b at January 22, 2012 9:34 PM
Site
Meter