Photo credit: @julesdwit.
A not-for-profit media organization supported by people like you.
Azi Paybarah, reporter for Capital New York, discusses the Mayor's executive budget -- and how "#Julia" might fare under this Bloomberg administration.
Uh, can those "millionaire" teachers leave that "net value asset" to someone in their wills?
Calls 'em -- T/U for the link. Now at least I understand where you're getting your information and how you're thinking.
From The NYPost article (op-ed?)--
How’s that? Well, most dictionaries define a millionaire as someone with wealth (i.e., assets) of $1 million. By that definition, many New York teachers and the vast majority of police and firefighters are millionaires, because the “net present value” of their retirement benefits is well in excess of $1 million.
That is, if they had to fund their retirements from their own savings, they’d have to set aside seven figures today.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/municipal_millionaires_OHzCRTElTcSjryqSPVxR1J#ixzz1uD9tzuIz
Oh. So by bargaining for pensions, which are paid for by salary money not paid out to the worker during their working years, somehow they have these "assets" putting them into millionaire range? And SocSec? Does that mean that IF someone who might live to over a hundred they somehow are millionaires or there about? Except they can't even afford food if they buy their meds? Wow.
That's rich, eh?
Hhhmmm -- So, counting the potential value of a pension, which lasts until the person dies, iirc, leads to figures approaching a million or even two. However, no one that I know of can turn that pension potential into, oh, money to start a new business. Or take a trip. It comes in month by month, and if the person dies, it stops coming in. Right?
And this is how some peeps out there think a millionaire is made. Gee whiz. Whodathunkit? I'll try that reasoning to buy a nice huge house.... Yeah, that's the trick....
Good Grief. 12% of US Millionaires Are Educators
I know that libs never let the facts get in the way of the Party's Orthodoxy.
Municipal 'millionaires'Tax hikes to fund gov’t 1%-ersBy LAWRENCE MONELast Updated: 3:38 AM, December 1, 2011Posted: 10:27 PM, November 30, 2011
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/municipal_millionaires_OHzCRTElTcSjryqSPVxR1J#ixzz1uCCfjFTM
Sophie from Poughkeepsie, NY ~
...and the last thing Poughkeepsie needs is NYC's Über Obnoxious!!
Brian, I can't believe your disbelief that teachers are overpaid. Due to union lobbying and ignorance like yours, they are definitely the new "fat cats". Here on Long Island, they reach 6-figure salaries after only about 15-17 years. And their salaries are guaranteed to increase every year. Our district's teachers average $103K. Let's not forget that they do not have to save for retirement. Most are retiring with about $70-$90K pensions and lifetime health benefits. If you valuate that as an annuity for someone aged 58+, it is definitely worth over $1 Million. To top it off, upon retirement, they get $50-$70K when they cash out their sick days and can receive a separation incentive of $25K. All this for 183 6-hour days a year. In return, we get teachers who are complacent, entitled, and fairly mediocre. Can't wait to move off Long Island so my husband and I can stop working like dogs to pay for these pampered civil servants.
I think the caller (Bill? Phil?) teachers should not be given preference over other important public services. These are hard choices being made everywhere, by everyone. NYC teachers - have a good salary which is guaranteed, having great (and expensive) Cadillac level medical insurance and great pensions (much higher than the average family of 4 makes in a year, in the end, after 20/30/40 years of work the teachers retiring "today" are millionaires. I think he said they average $2-3mil of net worth including a house. Many teachers also have 2-3 months off which in the past was a trade off for a lower salary. Now they have higher than average ones. Many work during much of that time and many teachers tutor, often off the books. An extra $5/$10/$15 K a year off the books really adds up, especially when invested properly. In the NY metro area, teaching is a license to print money while having a no cut contract - no matter how bad you are. Not a bad deal, but unrealistic when the economy is floundering.
jennifer from brkly ny -- I couldn't agree with you more. I fear that the Powers That Be want to dumb down our public schools so that their own children won't face as much competition from the children of us in the lower income quintiles. By lowering the actual effectiveness of the education of public school students, their own children, attending the expensive private schools, will more than a leg up. Along with their ability to afford so many more out of school activities and lessons, they will place those of the hoi polloi in a more difficult starting position.
Cutting arts, music, even athletics and, good grief, phys ed and recess. Not conducive to good learning situations. Or fulfilled and as succesful as possible lives.
And CLOSING LIBRARIES??? (Not shouting, just using for emphasis as no HTML tags are available). During economic downturns libraries tend to get more patrons using more services than during good economic times. But it doesn't affect Bloomberg and his ilk; they don't use those services as much (if ever) or as their only access to, oh, computers and the internet.
We are becoming a grim and greedy society, ruled by kleptocratic oligarchs.
We need a strong and well-organized Occupy movement. We need millions in the streets. Yes, millions. Otherwise, protesters are ignored (unless they serve the interests of the Powers That Be).
Numbers are important for safety (note what one of the guests said last week about NYPD selectively groping and manhandling women protesters), for being covered by the MCM (Mainstream Corporate Media), and for getting the attention of even the most craven policians. Until they completely control the vote counting, even the worst pols still need sufficient voters to believe they give a damn about regular people so they'll can get elected....
"There's no Henri Bendel's in Poughkeepsie!"
You got that right!
The west side never needed a hospital, anyway!!
...but more RudinBuilt® luxury condo...that's what we REALLY need!!!
This morning, the caller (he claimed to be a lawyer whose firm did work for the teachers' unions) who commented that teachers retire with about one to two million dollars net worth is an out and out lie! I am retired teacher, but am not a home owner (I rent), do have savings, a better than average health care plan, and a livable defined pension. For most of my career as a teacher, I did not make much money. I am a single man, but if I were married with children, I could not have saved the money I do have for retirement. Why bash teachers and other public employed workers who keep the local public services working and only earn lower middle to middle incomes, yet a billionaire plutocrat mayor and people making a million or more dollars a year are admired and idolized as celebrities and models of success. A race to the bottom for the majority of the 99% with a race to the top for the 1% - what a great business plan for humanity and the US!
F*K that attorney caller!!!
Kids, another good example of why do something worthwhile with your life EXCLUDES law school.
Another LOL for that Lawyer having only millionaire teachers as his friends.Read up on what "self selection" means.-Beware Millionaire Teachers with Lawyers: the bringers of "permanent detention".
The other interesting thing here is how an argument that is often accepted without question--that even failed executives need significant compensation and "golden parachutes" otherwise firms would not be able to attract talent--is fingered as THE main problem when it comes to public servants (without evidence). How would we attract and retain the best teachers --convince them to accept a low status, poorly remunerated career-- without retirement and other benefits?
Brian,When people bust union workers, including teachers, on your show would you please, please start saying that we all should have the wonderful, respectful benefits that unions have gained for their members. I speak as a lifelong, uncovered freelancer (in publishing, where that's standard because of the work patterns). I've always wished for medical and retirement security (and forget the absurd "Freelancers Union," which refused to qualify me even though I've worked an overtime load for thirty years--my paychecks don't arrive in the "proper" sequence). Again, please stop hedging on this issue. The security of good benefits should be an American right, not a political embarrassment.
I've got an idea!!
Let's close hospitals and schools...save loads of money.
Build more $2M 1 BR apartments!!!
Oh, never mind... Bloomberg is already doing that!!
A lawyer from an agency that does business with the city deriding teachers as millionaires... J.H.C.!
There's no Henri Bendel's in Poughkeepsie!
if only America's teachers could make as significant a contribution to our society as lawyers do.
The City Council can't generate its own revenue estimates? I never heard that before! Is there any independent/nonpartisan body that can do this? Does anything stop such a body from making its own estimates?
Makes me want to weep - our children are being thrown under the bus. With enormous class sizes, no arts, libraries closing....
All teachers retire as millionaires? Really? I'd like solid statistics on that.
The teachers I know here in NJ have a grip on the middle class life, but a friend with three children cannot afford to go out to a restaurant to eat -- the budget just doesn't go that far.
Wow. Now, I notice Phil included a house as part of the wealth of (was that all, Phil?) teachers. The houses my teacher friends own are not all that valuable for the NJ market, and they have to do most improvements themselves. But many of my teacher friends rent, especially the single teachers.
This comment sounds like the question during one of the Dem primary debates back in 2008, where the Mainstream Corporate Media questioners thought all professors made well over 100K per year. Tone deaf and factually challenged.
What claptrap, caller! Because an unionized workforce has managed to preserve their earning power while the rest of us have seen it decline is not a valid reason for 'reining' in supposed excess. It should be the call to "Wake Up!" and get middle earner incomes up to where they were in the middle 1960's.
Re-enact Glass-SteagalPublic campaign financingClose each and every tax deduction and credit but set sane rates!
Before you answer, jgarbuz, I know you think that the people actually getting the money their economy generates is an aberration.
Teachers have a 401k plan which has a fund which has a return of 7% guaranteed by the state legislature. this is part of the excesses for which the caller is talking about
Where are the Über Rich® gonna go???
Brian dismisses the idea that teachers aren't overcompensated even though the caller has the experience and is in a position to know. The idea that teachers are modestly compensated is outdated. Parents know this even if WNYC commentators don't.
Phil, the atty who worked for a law firm that worked with the UFT. Interesting that an atty who makes several hundred thousand dollars a year, just a few years out of law school, is jealous of teachers. Further, I wonder if it's ethical for an atty to talk about "information" (accurate or not) that he got in the course of professional activities. Doesn't atty/client privilege come into this?
What is wrong with having teachers be in the Middle class?? That attitude is why we are in trouble and the middle class is shrinking.
Generating revenue by setting traffic and parking ticket quotas is NOT the solution to city budget shortfalls!!!
Brian, your condescending attitude on this issue is annoying The teacher pay arguement has to do with pensions. If they had an equivalant of a 401k, each teacher would need multiple millions of dollars in them - all at taxpayer expense. Pay them more, fine, but get rid of the perks. That is where the real cost is.
Is Brian really going to let that fat cat lawyer's ridiculous inaccurate attacks on teachers stand without correction? The fact that this sort of preposterous image of teachers as leaches on society can be mouthed by a lawyer is an indictment of our entire society.
Just heard one of your callers refer to teachers as the "new fat cats." I'm a teacher with a Masters degree. I make $51,000/year. Fat cat? I have to tutor on the side to pay my rent & mortgage. BTW, I'm home sick today, otherwise I wouldn't be online.
Is this caller Bill (Phil?) kidding??"Teachers are part of the 2%" he says.Seriously?! Hey Bill- what planet do you live on?
P.S.- Brian, you should have asked him which party he's registered to. Hmmm....let me guess...
This caller is a moron, or a shill for some agenda.... both my teachers were parents. And neither are close to millionaires. Yes, they own a modest home, but they went without on many things.
ah! yes, teachers don't deserve to have homes when they retire. they should have nothing and horrible heathcare just like most americans! that's what we should strive for in this great nation.
Do you REALLY think the Über Rich® are going to move out of the most cosmopolitan city in the ENTIRE world???
I didn't know I needed to have the internet to be productive, that is news to me. I suspect most people who have the internet on their phones while they commute actually just play games or chat, those without smart phones or the internet are probably more likely to read or do something productive. At least they have a train to take and have an option to be productive, if they drove they could do nothing.
Bloomberg is cutting after-school and pre-k programs to force parents into charter schools, with their longer days and longer schoolyears.
Email addresses are required but never displayed.
Brian Lehrer leads the conversation about what matters most now in local and national politics, our own communities and our lives.
Subscribe on iTunes
Brian Lehrer Weekend: The Nation Magazine, Des Bishop & Eva Moskowitz
WNYC 93.9 FM and AM 820 are New York's flagship public radio
stations, broadcasting the finest programs from NPR, PRI and American Public Media, as well as a wide range of award-winning local
programming. WNYC is a division of
New York Public Radio.