I agree with many of your points, with some exceptions.
The culpability of the Republicans on pensions is indeed great, although you have to remember that the biggest deal was pushed by Carl McCall. It is part of the Republican war against the future and the young, which also has infrastructure, debt and environmental aspects. That's why I'm not a Republican.
And yes, Cuomo was more fiscally responsible that Pataki. He became irresponsible only in response to a deep recession and fiscal crisis, not as a matter of habit. After cutting benefits and services for the poor, minorities, immigrants and those living in older central cities, the Republicans found that the savings were limited, and most of the money went elsewhere. They have been increasing spending elsewhere by a far greater amount ever since.
On the other hand, I do not agree the stock market caused the pension hole and will make it go away. The average rate of return from 1995 to today was historically high, not low, and stock prices remain high today. Of course, they became ridiculously high at the height of the bubble in 2000 (just as housing prices are now, or were last year). Politicians and public employee unions took advantage of this to cut their deals. That upset me. But they are still cutting deals now. That shocks me.
DO NOT expect a rescue by the stock market. Stocks are at 17 times current earnings, and this is a very good year for earnings -- with people paying business more for things than they get in wages and borrowing the difference. As Karl Marx said, that cannot go on forever. At 17 times earnings, you are getting a 5.9% return from stocks. NYC is expecting its total earnings across all asset classes to be 8.0%, with stocks boosting the total by returning more than that. That ain't happening.
There is indeed a division between public sector unions and their private sector counterparts. It is based on the former using their power at the expense of the latter. Both are parts of larger groups.
The public sector unions, the retirees and near-retirees they represent, top executvies who serve on each other's boards and vote each other ever greater pay, pensions and perks (remember that low stock market return), and senior citizens in general are among the winners. They are using their power -- in government and on corporate boards -- to suck up an ever larger share of national income.
Everyone else is a loser, generally unrepresented and struggling in the marketplace to satisfy the every growing demands of the winners. The Democrats don't stand with the losers, the future, the young, the children. That's why I'm not a Democrat.
I agree with many of your points, with some exceptions.
The culpability of the Republicans on pensions is indeed great, although you have to remember that the biggest deal was pushed by Carl McCall. It is part of the Republican war against the future and the young, which also has infrastructure, debt and environmental aspects. That's why I'm not a Republican.
And yes, Cuomo was more fiscally responsible that Pataki. He became irresponsible only in response to a deep recession and fiscal crisis, not as a matter of habit. After cutting benefits and services for the poor, minorities, immigrants and those living in older central cities, the Republicans found that the savings were limited, and most of the money went elsewhere. They have been increasing spending elsewhere by a far greater amount ever since.
On the other hand, I do not agree the stock market caused the pension hole and will make it go away. The average rate of return from 1995 to today was historically high, not low, and stock prices remain high today. Of course, they became ridiculously high at the height of the bubble in 2000 (just as housing prices are now, or were last year). Politicians and public employee unions took advantage of this to cut their deals. That upset me. But they are still cutting deals now. That shocks me.
DO NOT expect a rescue by the stock market. Stocks are at 17 times current earnings, and this is a very good year for earnings -- with people paying business more for things than they get in wages and borrowing the difference. As Karl Marx said, that cannot go on forever. At 17 times earnings, you are getting a 5.9% return from stocks. NYC is expecting its total earnings across all asset classes to be 8.0%, with stocks boosting the total by returning more than that. That ain't happening.
There is indeed a division between public sector unions and their private sector counterparts. It is based on the former using their power at the expense of the latter. Both are parts of larger groups.
The public sector unions, the retirees and near-retirees they represent, top executvies who serve on each other's boards and vote each other ever greater pay, pensions and perks (remember that low stock market return), and senior citizens in general are among the winners. They are using their power -- in government and on corporate boards -- to suck up an ever larger share of national income.
Everyone else is a loser, generally unrepresented and struggling in the marketplace to satisfy the every growing demands of the winners. The Democrats don't stand with the losers, the future, the young, the children. That's why I'm not a Democrat.
This issue is indicative of many other things.