Wednesday, December 2, 2009

New York gets to work on Pension Reform

Governments all over the world are melting down due to the high costs of public sector pensions.

In New York City the Mayor , Micheal Bloomberg has been aware of the pension crisis for some time. Mayor Warns on Pension Costs . He warned of the impending bankruptcy of the city if nothing was done.
Now the Governor of New York has come out in favor of the changes needed to save the system from complete meltdown. He was working in conjunction with the Mayor. New York governor urges overhaul of state pension system.

Today in the State passed legislation that will be felt across the country. California and New York are both bell weather states for major public sector initiatives. The Terminator, despite his reputation, has yet to step up to the public sector unions. He may be forced to now.

State passes landmark pension reform
Some of the provisions of the pension reform include raising the minimum age, and Pension Boosting or Spiking

This legislation is the start of a trend that will roll across as the country as taxpayers are angered at footing the bill for public sector gold-plated pensions.

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