Friday, July 25, 2008

Still pimping weak pension reform bill

Speaker Jody Richards trotted out his apologist actuary again today to make the ridiculous claim that last month's pension reform bill was really, really good.

"Next, HB 1, the legislation that was enacted, is projected to save more money in the long run than any of the other proposals that were made during either the regular session of the General Assembly or the negotiations that led up to the special session. Those HB 1 design changes will save state taxpayers billions of dollars in the long run."

That will provide cold comfort to taxpayers who, having "saved" billions of dollars, still will be on the hook for many billions more. This actuary, Patrick Welsh, then finished up his empty argument with this fancy little bit of quod erat demonstrandum:
"and do not underestimate the value of the design changes made by House Bill 1's reforms. I've seen the numbers."

I think that is actuary-speak for "don't argue with me, I'm an actuary."

Somehow, I think this report was meant to be a refutation of this. But it wasn't a very good one.

No comments: