When I read this, I did a double take. From the New York Times:
Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.
And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
Of course this makes no sense. And of course it will come back to hurt New York State. For politicians, though, a problem postponed is someone else’s to deal with…and, thus, nothing to be concerned with.
That’s just like Lt. Drebin at the end of the clip (below): There’s nothing to see here (unless you’re a concerned taxpayer).
Tags: Pensions