Unimpressed with Bloomberg and Cuomo's push on pension reforms
Friday, January 21, 2011 - 11:49 AM
An unimpressed EJ McMahon questions Bloomberg's record on what he now calls the city's #1 priority (and adds some skepticism of the new governor too):
[T]he only pension change the mayor has, in effect, negotiated during his tenure (via a side deal with the teachers union) was exceedingly modest. For example, the taxpayer-guaranteed rate of return on teachers' tax-deferred annuity accounts was reduced from 8.25 to 7 percent. Try getting that on your personal retirement account.
Bloomberg expressed hope that Gov. Cuomo would support his agenda because Cuomo "campaigned on pension reform." If only that were actually true. On pensions, as on so many other issues, Cuomo has ranged from coy to vague, embracing the concept of reform with no details.
It's by no means clear that Cuomo will support Bloomberg -- and on collective bargaining, he absolutely shouldn't. But in this area, as on so many others, New York's governor may be the best hope for serious reform.