We are told by Mayor Fischer that there is a pension shortfall of $65 million that we need to make up for. It’s not a sudden emergency - we’ve all seen this coming for many years. He suggests we could either slash critical services, or we could significantly raise taxes. Isn’t that a fine choice? Either way, good, tax-paying citizens who did nothing wrong are going to get penalized.
The mayor proposes tripling the tax on insurance policies to pay for this, which I believe will just discourage more poor people from being properly insured, while everyone else will have to disproportionately make up the shortfall. I’m torn because I believe the people who came to work for the government did so for less than market value knowing that the pension would take care of them in the end. They deserve what was promised.
But I am furious with those state and local officials who kept allowing the pensions to go up without any idea how we would pay for it, and who just pushed the obligation on to the next generation. We should all be upset with the elected politicians who stupidly traded short-term contracts for a long-term crisis.
I’d be a lousy farm boy, but even I knew this chicken would come home to roost.
What are your thoughts? Call and tell us.
I’m Bill Lamb, and that’s my Point of View.