Although I commend the Maryland Delegates who sponsored this bill as they try and protect the Schoolteachers pensions from being shifted down to the local counties – it is obvious that the Maryland pension plan is totally unsustainable.
And as has happened in Greece, Italy, Portugal, Spain, & France – the same scenario could soon emerge onto our shores. Take a look at page two of the graph and look at how the pension cost is going to rise from its present estimate of $975.6 million to $1.5 billion by 2016 or an increase of over 50% – just four years from now.
Better prepare your fire extinguishers and gas mask.
http://mlis.state.md.us/2011rs/fnotes/bil_0001/hb1061.pdf
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
What is worse - is that the Obama administration approved ARRA stimulus money to be funneled to the State for guess what - TO HELP FUND THE TEACHERS PENSION FUND!
ReplyDeleteTalk about discrimination. Heck - I do not even have a pension plan and I work in the private sector.
O'Malley is going to leave office and hang this tag on the next Governor. Just wait and see.
If we keep all the democraps in office I guess we will!
ReplyDelete