Wednesday, February 20, 2013

DiNapoli: Syracuse Facing ‘Long-Term’ Problems

   Comptroller Tom DiNapoli is likely getting some pleasure by publicly praising Syracuse Mayor Stephanie Miner for criticising the Governor's "pension smoothing" plan.
Mr. DiNapoli has not opined on the smoothing plan and says Mayor Miner is confronting her city's systemic problems.
     Meanwhile, yours truly has been invited on WTNY's Morning News Thursday at 7:30 to discuss pension smoothing.....
DiNapoli: Syracuse Facing ‘Long-Term’ Problems


Anonymous said...

You don't have to be in Mensa to realize that criticizing Cuomo will bring down the wrath of state government on you. It is amazing how vindictive Cuomo and his henchmen are.

Anonymous said...

I'm not sure if you meant what you said on the hotline today. But unlike the social security fund there is indeed a pension fund in our state. Remember pay to play?

From its inception, SS has been a Ponzi scheme in which all the money coming in, was either paid out for benefits or spent on other government expenditures and replaced with an IOU.

But our pension system has always been funded and this pension fund invested as our state Constitution dictates.

Cuomo is trying to do a corporate raid on the pension fund.

Here is a snapshot of the $150 billion pension fund:

Last year it paid out almost $9 billion but only took in $4.5 billion.

Notice that 1 in 20 retirees is a police/fire guy and they average 42k pensions instead of 20k pensions.

That means 1 out of 10 dollars goes to these guys. But don't forget they retire after 20 years instead of working a whole 40+ year career. So they are actually scamming the system to the tune of 1 our of 5 dollars even though they are just 5% of the government's retirees.

I also heard the Duff speak of "paying down the deficit". More fiscal ignorance, as there is a distinction between the deficit and the debt.

Anonymous said...

What, Mussolini is vindictive?