Monday, January 13, 2014

Former New York City Mayor Bloomberg decries labor-electoral complex

In other words, end collective bargaining for government employees (FDR never supported government employee unions having "collective bargaining" rights), end public pensions, treat government employees like all other white-collar employees -- 401K plans, etc.

NYC's Bloomberg decries 'labor-electoral complex': " . . . Especially since Detroit's recent bankruptcy, mayors in many cities around the country have begun pushing to change the pensions that have long been seen as a prized — sometimes the primary — benefit of government jobs. Some have proposed replacing or reducing traditional pensions in favor of what are called defined-contribution plans, like a 401(k), at least for new employees. Bloomberg suggests New York City employees should have a choice between the two types of plans. In New York, the annual pension cost has risen from about $1.5 billion a year to $8.2 billion a year in 12 years, draining money that could otherwise have gone to affordable housing, tax cuts, schools or a host of other purposes, Bloomberg said. And health insurance costs have doubled since 2002, to $6.3 billion this year, he said this summer...."


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