Skip to comments.New York City is Running Out of Other People’s Money
Posted on 05/12/2013 12:33:26 PM PDT by SeekAndFind
In a twist of irony, Big Government Bloomberg has admitted that NYC is at the edge of a fiscal precipice.
There is no practical ways to pay our workforce given the current environment, current tax structure, current other obligations we have more than what we have been doing, with the possible exception of dramatically raising taxes.
Bloomberg points to public service unions as being among the biggest roadblocks to any meaningful fiscal health in the city.
Currently in NYC, most of the unions are refusing to negotiate contracts right now. This is completely legal. If the contract is not re-negotiated, the current terms continue. The unions are trying to hold out for more money until a new mayor is elected, in the hopes that a new mayor will cave to their demands. One thing Bloomberg wantswhich is met with hostilityis to force union workers to pay part of the health care costs. Imagine that! Unless we do something those expenses will bankrupt us, Bloomberg said.
Additionally, when Bloomberg mentions obligations, hes talking largely about the pension system.
Living in NYC, I am no fan of Bloombergs at all. I do want to give him a little (tiny) credithes been sounding the alarm about this for the past few years. Even back in 2010, Bloomberg told CrainsNY that city pension funds have set unrealistically high assumed rates of return on investments, at 8%, which may require spending more than has been budgeted for retirement benefits
The pension system itself provides defined benefits that cant be reduced under guarantees the Legislature has placed in the state constitution. While it permits new, less-expensive benefit tiers for future employees, savings wouldnt be realized for 10 or 15 years
(Excerpt) Read more at canadafreepress.com ...
Pretty sure it’s been awhile. It certainly was true in the 70’s and 80’s.
[[New York City is Running Out of Other Peoples Money]]
Oh they’ll make PLENTY of money selling hte guns that they confiscate from law abiding citizens to mexican drug cartels- that shoudl keep them swimming in ill-gotten money for quite soem time
Doomberg’s a billionaire. If he had any conscience he’d kick in a few hundred million.
Easy solution. Tell the union they can keep their money or healthcare but not both.
When they go on strike, remove healthcare from their contract since Obamacare will take care of them.
When they squeal televise it.
Do what Obama does: It’s George Bush’s fault.
Was it Bloomberg, or that idiot governor who served between Spitzer and Cuomo who pretty much said “Good Riddance to Rush Limbaugh and his tax dollars?”
An example from 2010:
I read. It’s the same story as today though? Thats how these crises run. We used to have new ones on quite the regular basis!
Here’s the flaw. The jurisdiction be it city or state always plans to at least equal the prior years spending. Thats how we can have some idiot claim a spending slowdown is the same as a spending cut. Of course when reality slaps one in the face sometimes it’s necessary to spend less. Lets say however they didn’t do that and instead slowly accumulated wealth. well i for one wouldn’t want that. It’s better than the alternative but it means we’re over taxed and nobody wants that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.