That mindlessly right-wing rag, The New York Times, has a piece today that makes a simple and salient point about New York City pensions. If Albany won’t cooperate on real pension reform, one good way for the mayor to keep pension costs down is to control wages.
Retirees generally earn a pension of half their wages — and Mayor Bloomberg is known for his generous wage hikes. He gave unions annual 4 percent hikes last year even as the economy — and inflation — plummeted.
The Times‘s Michael Barbaro, citing New York City budget data, estimates that salary hikes “approved by Mr. Bloomberg are responsible for nearly 30 percent of the growth in city pension costs from the 2002 through 2008 fiscal years — about $1.2 billion.”
Yesterday, the mayor announced a pension deal with the teachers’ union that will preserve the retirement age at a youthful 55.
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