Quite deep already is New York’s hole for public employee pension and benefits costs. An alarming new analysis, however, projects that future obligations could make it even deeper. It’s time to start constructing a ladder out.

An analysis by the Empire Center for Public Policy, a conservative fiscal policy group, describes these obligations as explosive, estimating that contributions for teachers alone could quadruple in five years to $4.5 billion statewide. Covering that nut alone would translate into a 3.5 percent property tax hike. On Long Island, add a few billion more in debt to cover the cost of all other public employees. All this extra expense comes in a cycle of declining revenues and increasing political support for property tax caps.

Short-term, politically expedient choices got us into this mess. Pension costs were so far down the road that hiding their true consequences was an easy shell game. Pension sweeteners smoothed out contract negotiations by unions that could deliver votes, and early retirements were the way to balance budgets….

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