What’s the harm in not funding public pensions?


They can be reneged on when the ‘trust’ funds run dry can’t they?

Of course but, in the meantime, because governments at all levels have been given a pass on making what is laughably referred to as their “Annual Required Contributions” tax money remains available to repay campaign donors if you can come up with any old harebrained scheme.  For example:

The Union County Improvement Authority presented their final report on the UCIA Renewable Energy Program (getting Democrat controlled entities to have solar panels put up so DeCotiis and Birdsall can get big fees for which they show their gratitude by giving Democrat politicians a taste).  Adding up pertinent numbers from that report we find that the total cost to put up those panels on 31 structures came to $19,505,400 – all bonded – and the annual electricity savings in the first year could be $251,662.

The bonds are expected to be paid off in large part by Solar Renewable Energy Certificates (SRECs) that were costing about $600 at the time this deal was put together.  The structures that put up the Solar Panels are also supposed to get a cut of the SREC sales in years 11 through 15.  There are projections in the UCIA report about what that income would be were SRECs priced at either $250 or $350 or $450 though there’s nothing about a $75 price.

And the professional fees for this scam to date?  $1,216,617.24

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6 responses to this post.

  1. Posted by Anonymous on September 27, 2012 at 11:59 am

    TL is for any scam that is advantageous to big business.

    Reply

  2. Posted by EDVANTJR@aol.com on September 27, 2012 at 3:32 pm

    Dear John, Under “Union County: Debt and Taxes” nothing prints out in the boxes “DEBT”, “DEBT SERVICE”, “DEBT SERVICE BREAKDOWN” and “TAXES”? All I get is a “red x” in a “little box”? Regards, Ed Vant, Jr.

    Reply

  3. Posted by eatingdogfood on September 27, 2012 at 11:02 pm

    Unions + Mobsters = Democrats!

    Reply

  4. Posted by briandin on September 29, 2012 at 10:16 am

    There is no harm. The harm would be in squeezing the taxpayers (who don’t have such benefits) to actually make the payments.

    Reply

    • Posted by Tough Love on September 29, 2012 at 11:02 am

      Yes, Taxpayers should fund a level of Public Sector retirement benefits equivalent (as a % of pay) to what Private Sector workers get in retirement. That level, after appropriately adjusting for the significant incremental value of the earlier full retirement ages and COLAs (which still exist in most Public Sector Pension Plans and by itself increases the value of an otherwise identical Plan but W/O a COLA provision by 25-33%) is without doubt 1/4 to 1/2 of what Public Sector workers get today.

      Reply

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