More Kentuckians would understand the damage to taxpayers coming our way as a result of public employee fringe benefits underfunding if the media did even a halfway decent job of covering the issue.
Alas, they don't:
The pension plans are not in peril because the state can't get out of making payments. Lower benefits for future employees will help some, but the key is pouring a lot more money into the plans as soon as possible to start dealing with the $30 billion underfunding of the plans.
A special session bill would have merely slowed the rate of underfunding growth, contrary to the assertion repeated by the Herald Leader that there was a commitment to "fully fund" the plans in 20 years.
Senate President David Williams and House Speaker Greg Stumbo spoke Friday about backing off from their already insufficient funding commitment.
And that puts taxpayers in peril.
Saturday, March 14, 2009
No, it's the taxpayers
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6 comments:
Quoting ...."The pension plans are not in peril because the state can't get out of making payments. Lower benefits for future employees will help some, but the key is pouring a lot more money into the plans as soon as possible to start dealing with the $30 billion underfunding of the plans."
In the above quote the key words are "Lower benefits for future empolyees will help some ..."
Let me tell you what will help a LOT and RIRHT AWAY ..... lowering benefits associated with future years of service for CURRENT employees.
Its way past the time to STOP shovelling all taxpayers dollars to our greedy Civil Servants.
I'm all for making government smaller, 9:33, but the state Constitution prohibits us from lowering benefits for current employees.
We need to stay focused on funding because it is our only way out of the current mess.
It sounds like David (2-nd comment) is a Civil Servant quite satisfied with and wanting to continue the bloated gravy train at taxpayers' expense. The state constitution MAY indeed restrict reduction to benefits on cuttent employees, but there is a VAST difference between benefits already accrued (i.e., EARNED based on past years of service) and benefits NOT YET EARNED, base on FUTURE years of service. There is no justification to continue this bloated gravy train (at GRAVE COST TO TAXPAYERS) unless ABSOLUTED required to do so. No expense should ne spared to test (via executive order, legislation, court action, etc.) to state's ability to LOWER benefits (associated with future years of service) for CURRENT empolyees.
IF we don't all of use (excepting the Civil Servant recipiants of this largess) will be broke in short order.
So --- AMEND the state constitution?!
I would think, in this political environment, it would be fairly easy to get a taxpayer revolt going.
But, as the original article says, the media is complicit in keeping the public unaware of the pending disaster. Imagine if they gave the pension stories a fraction of the attention they give AIG et al.
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