Another State of Affairs program with another gubernatorial candidate and again it is the pension question up front:
Presumably a reference to more Pension Obligation Bonds which would certainly not have solved anything but rather made one aspect of the equation (the state’s deposits) slightly more predictable which was the heart of the 2011 reforms (trading away COLAs for some ‘guarantee’ of funding) and maintains in the minds of these politicians:
“It can be renegotiated….if the state makes the payments to have the pension secure.”
And there it stops. No definition of what those payments are since for 40 years State Senator Lesniak and his cronies have not been told what the real cost of these pensions are. They don’t put together a $150 billion (still understated) shortfall with having to:
- Pay off $150 billion, while
- Upping current contributions so these systemic deficits do not continue to develop.
No answers but plenty of pandering.