Why should New York politicians be any better than our national ones?

Kicking the can down the road, the New Yorkers have rejected their fellow Democrat Cuomo’s pension reform proposals.

The Assembly refused Cuomo’s suggestion to raise the retirement age from 62 to 65 even though the governor stressed that his plan would save hundreds of billions of dollars in costs toward a pension plan expected to consume 35 percent of the government’s budget by 2015. In 2001, it was 3 percent.

This pathetic performance is being repeated in all 57 states and in Washington, where last year during all that talk about deficit reduction, Congressmen proposed an additional trillion dollars in new spending. Social Security and Medicare payments are projected to consume 70% of all federal spending in 2030 and if you think that something will be done about that before then, you haven’t been paying attention.

UPDATE: This article, penned in 1995, says entitlement payments will consume 100% of all federal spending by 2030.

3 Comments

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3 responses to “Why should New York politicians be any better than our national ones?

  1. Cos Cobber

    And so another financial crisis’ passes by (from 2007 to 2011) and yet another missed opportunity to force the basic and fundamental changes we need to make to keep the country going for the long run.

    The next recession is now on course to be broader and deeper than the last as we havent made one meaningful change to our structural deficits ahead courtesy of rediculously generally retirement benefits for the select few – government employees.

  2. Inagua

    Chris,

    The crack about the 57 states was very funny, but not entirely accurate. Three states — Wisconsin, Rhode Island, and Florida — have taken a few tentative baby steps toward pension reform. Not a trend, not likely to catch on, but not quite nothing. Public pension excess is just another reason why we are in year four of a 20+ year era of stagnation. There is no hope for real reform on this issue until it is generally recognized that many public employees are part of the 1%.

  3. Balzac

    The math on entitlements and taxes is catastrophic and unescapable. But being a democrat means never having to do math……..