This graph is the most distressing in the entire budget deck -with declining headcount, pensions are now almost equal to what we pay current employees:
...New York City has 16,000 fewer employees than 2001...
...but spending on salaries and wages has increased from $3.8 bn to $10.8 bn; and spending on pensions has increased from $1.3 bn to $8.3 bn over that same period.
...Education expense has increase[d] at three times the rate of inflation despite the same number of teachers (113K teachers in ‘02 vs. 109k now)...
...New York City’s Pension Costs have grown 5x since 2002...
...It[']s expenses that are killing us: over the past decade, New York City hasn’t really grown its population but has increased expenses from $28.8 bn t $49.7 bn.
...”New York City needs a new pension plan for new employees.” [Ed: Gee, ya think?]
Perhaps someone can alert Bloomberg. I mean the idiot mayor, not the news service.
Hat tip: JTT.
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