Tag Archives: pensions

Cut spending? How ’bout earning more?

Oh those Republicans! They hate taxes even when we’re starved for revenue. They don’t much like caring for ‘the least among us’ or – as modern reality would have it  – the sick, the poor and the elderly. They say they believe in education, but think every eight year old is able to set the course for a successful life – not the taxpayers problem. They love our hi tech future but don’t worry about who’s going to have the education and skills to fill those hi tech jobs. They’re big fans of moving Social Security from a defined benefit and exposing it to the volatile wonders of the ‘market’. Which worked so well for folks who pensions evaporated in ’08-’09.

A local city has for some time been dipping into their diminishing reserves to cover pensions for police and firemen. Now they’re actually considering tax increases. They (tea party favorites) – and the previous city council – refused till now to own the looming problem. Now it’s biting them in the butt.

As property tax revenue has plummeted along with values, the council for four years has not increased the tax rate as many communities have done. Instead it has relied on reserves to plug the hole. Now it does not have that option, especially as officials anticipate another pension shortfall next year.