8/10/12 SHOW: ALBANY CONSIDERS A TAKE-OVER OF SYRACUSE FINANCES; HARRY REID’S TAX TANTRUM
On this week’s show the panelists assess whether Albany should create a super control board to take over the finances of Syracuse and other beleaguered upstate cities. Is this really an effort to abrogate pension obligations that are throttling the cities? Then the panelists scratch their heads about Senator Harry Reid’s charge that Mitt Romney has paid no taxes for a decade. Has Reid taken campaign discourse to a new low, if that is possible? Join in the conversation by posting a comment.
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The “controversy” over public employee pension costs overlooks that fact that it is the State, not local governments, that sets the rules for contributions and payouts. The challenge for local governments is that poorly-performing investments by the State retirement system result in higher assessments on local governments to make up the difference.
Citing a few extreme examples is not useful. If the State would change the way future payments are calculated, and establish reasonable, more predictable, assessments on local governments, the problem would largely be resolved.
David Rubin’s conclusion that pension payments should be reduced is akin to his bank cutting his own deposit accounts because his bank’s investments underperformed.