Bloomberg urges pension fix in last big address as New York mayor

[alp227]

Source: Reuters

New York Mayor Michael Bloomberg, in his final major policy speech before leaving office at year's end, on Wednesday warned that a budding U.S. urban revival is threatened by mushrooming public pension and health-care costs.

Bloomberg, addressing the Economic Club of New York just two weeks before his three terms in office are due to end, said the "golden age of the suburb is over, and it has been replaced by a new urban renaissance that is re-defining the future."

But he also urged the nation to confront what he said was the biggest looming crisis facing cities: exploding public pension and health-care costs.

"It is forcing government into a fiscal straight jacket that severely limits its ability to provide an effective social safety net," Bloomberg said. "The costs of today's benefits cannot be sustained for another generation - not without inflicting real harm on our citizens, and on our children and grandchildren."

Read more: http://www.reuters.com/article/2013/12/18/us-usa-politics-newyork-idUSBRE9BH0KF20131218

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[iandhr]

1. Yes he did nothing about it in his time as mayor...

... and just left it to his successor to deal with.

[GodlessBiker]

2. That's what I was thinking. Where the hell has he been for the past 12 years? Just leave, Mike.

[OneCrazyDiamond]

3. Hmm,

"It is forcing government into a fiscal straight jacket that severely limits its ability to provide an effective social safety net," Bloomberg said. "The costs of today's benefits cannot be sustained for another generation - not without inflicting real harm on our citizens, and on our children and grandchildren."


I wonder if there are any billionaires we could get to kick in a little to help?
Do you know of any Mr. Bloomberg?

[LiberalFighter]

4. I agree there should be a pension fix for NYC

For the likes of Bloomburg that receive way too much as a pension and the hacks in top level positions. Sort of like a golden parachute that they haven't really earned.

Now for all the ones that do the dirty work and real work more detail is needed. How their pension is determined in relation to years served and whether they also participate in Social Security.