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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