Sorry Todd. Did I say “worst?” I meant “wurst.”
Fred,Sorry Todd. Did i say this was the worst pension bill ever?
How in the world is this “one of the worst” pension bills? Bills in the past completely eliminate the COLA, transition the whole system to 401k’s, eliminate all health insurance, and ravage the system as a whole. This is the FIRST bill to take a progressive approach (in that people with smaller pensions face less of an impact), the first bill to place responsible limits on maximum pensions, and the first one to fully maintain health insurance.
Regardless of how we got here (which I agree is purely the state’s fault), there is NO other way out besides cuts. We just raised the income tax 66% and it didn’t make the slightest dent. Approaching it from a purely revenue standpoint, I’m curious to see how much taxes would have to be raised across the board to cover our liability… 100%? 200%? Even a 300% increase is not out of the question.
Todd
I meant to say it was the wurst bill. Meaning Nekritz, Cassidy, Gabel and the rest of the gang of 21 put in it all the scraps and left-overs that nobody else thought was possibly edible.
No. It doesn’t completely eliminate our COLA. But other pension bills thought they could play bait and switch