Letters: Debating public pensions
Gov. Andrew Cuomo speaks to the New York Conference of Mayors in Albany. Cuomo wants mayors to pressue their senators and Assembly members to vote for his cheaper pension plan for future workers over the opposition of public employee unions. (Feb. 27, 2012) Credit: AP
Regarding "NY's pension mess" [News, March 12], here is what a fair solution would entail: Wall Street, which was responsible for the Great Recession still plaguing us, should make up for the pension shortfalls. Both Presidents George W. Bush and Barack Obama used our money to bail out these "too big to fail" investment banks, whose practices have depleted state budgets, causing misery for the rest of us. State pensions were among the innocent casualties of Wall Street's fraud and greed.
Because our state and local governments are required by law to make up the losses, Wall Street, which has not been justly prosecuted for its fraudulent practices, should instead make up the losses in our pension funds as well as in other public programs, services and public-sector jobs.
The way to do this is fairly simple: End the 100 percent rebate to Wall Street of the New York State stock transfer tax. This solution has been resisted by Albany, including Gov. Andrew M. Cuomo, because those elected officials receive campaign funds from Wall Street.
This minuscule tax on every stock transaction generates $13.8 billion in state revenues a year -- all of it rebated to Wall Street. Change that absurd practice, and those funds would be available to replenish the pension funds, erase the budget deficit, fund education and infrastructure projects, rehire laid-off state workers and save other vital programs. Even a partial change, such as keeping 60 percent of that revenue, would help solve state budget problems.
Ed Ciaccio, Douglaston
My question is, why during the debate over pensions do we never hear about our elected officials? Why is nothing said about their pensions, health insurance or perks? How much do they pay into the cost of these benefits?
Benefits of teachers, firefighters, police and government workers are what Newsday questions. What about the elected politician?
Benjamin Wolfson, Wantagh
