Monday, June 1, 2009

N.Y. pension fund plummets

This was the disturbing front page story on Saturday's Journal News.

New York appears to be heading in the same direction as California - bankruptcy.

The unions here have such overwhelming power, unrighteous dominion, some might say, they negotiate this exhorbitant wages for all state workers from bus drivers to those who clean the MTA subways. I believe that a person should receive a fair wage for an honest days' work, but to have inflated salaries does not serve the public's best interest.

Unfortunately, in their zeal for bargaining - and I am not against unions - they have negotiated that their people work for 20 years and then retire. That is not the case in other states - city and state workers put in 30 years and that ensures enough funds in the retirement kitty to keep all happy.

Governor Paterson needs to have his staff review this issue and swiftly.

Here is the link to the story:

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