Wednesday, June 21, 2017

Has Da Blowsio even looked at the problem?

.Manhattan Institute.

New York City’s pension contributions stand at a near-record 11% of the city’s total budget—and 35% of payroll alone. They consume 17% of city tax revenues, double the average proportion of the 1990s and early 2000s. Increasingly, city pension costs crowd out spending on other public services while limiting options for tax relief. Indeed, New York’s annual pension contributions will soon displace social services as the second-largest spending category in the city budget, behind only education, consuming more than 80 cents of every dollar raised by the city’s personal income tax.

The time to act was years ago. NYC may  be on the unstoppable Chicago trajectory. 

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