Corporate Governance

Public Pensions Continue to Take a Beating

By Adam G. Kurtz

An article today in the WSJ entitled ?One-Two Punch at Pensions?, reports that in the past two days New York State?s two most powerful elected officials ? Mayor Bloomberg and Governor Cuomo ? have threatened massive public layoffs unless public unions comply with their demand for pension reform, including benefit givebacks. 

Unfortunately, it is becoming increasingly clear that hard working public employees are being blamed for New York and the country?s current economic trouble, instead of Wall Street.  This year public pensions are to blame; last year Wall Street was to blame.  While Wall Street and Corporate executives resume receiving their multi-million dollars bonuses (if they ever stopped), public employees are being asked to reduce their pension benefits, which never made up for the fact that they are paid far less than their private sector counter parts.

Full post as published by PomTalk on January 21, 2011 (boomark / email).