Albany’s pension Ponzi is now complete. In a very creative, budgetary sleight of hand, the powers that be decided to make obligated payments to the State’s pension plan—by borrowing from that very same plan. Amazingly, robbing from Peter to pay Paul wasn’t foolhardy enough for the esteemed legislature in Albany. They have taken it one further; they are now robbing from Paul to pay Paul.
What does this mean for Staten Islanders? New York State is broke, busted, bankrupt, tapped out. In brief: We are out of money. Our obligations wildly exceed our intakes. The deficit is literally astronomical: $9,200,000,000 and it’s predicted to swell to $15,000,000,000 by next year. To put that into perspective, Pluto is “only” 3,666,000,000 miles from the Sun. Given the inability of Albany to face the math, things are clearly going to grind along until the whole system experiences a catastrophic failure.
Regrettably, many New Yorkers who work for the state are never going to receive their promised wages or pensions. While I am sympathetic, I also have to point out that taking a career politician at his or her word is asking to be screwed over.
Clearly, they are now praying they can hold it together until the November elections. But given the magnitude of this problem, what can be done?
If I was governor (with emergency powers), I would immediately:
– Slash all expenditures by 10%, looking to cut them by 25% total.
– Privatize everything possible.
– Retroactively change pensions, calculating them by the average wage over the worker’s career (to correct for ‘stuffing’ the last year with excess overtime).
– Replace state pensions with 401Ks
– Direct the state pension fund and general fund to immediately allocate 10% of its resources in physical gold and silver – before every other state catches on that this is the only asset that is likely to retain its value.
– Create a task force to uncover state fraud.
– Start a New York State charter bank and return control of financing projects to the people of NY.
– Simplify the tax code
– Meet with business leaders to uncover what legislation impedes job creation and remove it.
– Work with the public unions to find an alternative to imminent massive layoffs.
– Re-open our two shuttered nuclear power plants and bring them back online using thorium, a more safe, clean, abundant, and peaceful type of nuclear energy; financed by bonds secured by the future power production of these plants.
And that’s just for starters.
Since I am not governor, but a mere candidate for State Assembly (District 61), and since Albany is unlikely to change course until they are forced by a system collapse, I urge New Yorkers to seriously reconsider the elective status quo this November.
Libertarian Party Candidate, District 61, Staten Island