Sunday, May 23, 2010

New York continues its own pension tsunami

On Saturday May 21, the New York Times continued the debate on the public “pension tsunami” with an article by Mary Williams Walsh and Amy Schoenfeld, “Padded pensions add to New York fiscal years”, in a series called “Payback time: retired. With a raise”. It starts out by saying that in Yonkers, some police and firefighters retire on a pensions greater than when they worked.

The public pension problem in many cities is help drive teacher layoffs and cutbacks in many other social services, including those for the elderly.

The link for the article is here.

The article has a graph noting that in 2008 the typical state or municipal pension was $15491, compared to $7904 in private enterprise. The later is a little less than what mine is (in private enterprise, based on 12 years service, with some effect from a social security offset).

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