Governor Deval Patrick deserves credit for the reforms he has championed -- pension reform, municipal health care reform, and reining in police details

However Jim Stergios of the Pioneer Institute points out in last week's Boston Globe that there is still a long ways to go before Massachusetts is on sound financial footing:

"The fact is that the Bay State addressed its billion-dollar-plus structural deficit by pushing off the repayment date for the state’s $18.6 billion unfunded pension liability. In essence, we “refinanced’’ our pension debt by deciding that we will not repay the liability by 2025, instead electing to pay it off 15 years later, by 2040.

"Worse, the pension refinancing scheme killed the tacit agreement among legislators to pay out the pension liability by 2025 so we could begin paying down our other unfunded multibillion-dollar liability - the state’s $15.6 billion liability for health care coverage for retired state employees... The state will now pay billions of extra dollars in the future on the pension liability. That is an unfair burden to place on future generations, just so we can continue spending now."

 


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