Triple Lutz Report--The Outrageous Municipal Millionaires--Episode 121

We discuss a recent article in the New York Post, detailing how, Gov. Cuomo is under enormous pressure from public-employee unions and Democrat Legislators to extend New York’s “millionaires’" tax. The Post says that, "The big irony here is that much of the money raised from any 'millionaire' tax hikes would go to fund the growing phenomenon of public-sector millionaires."

They go on to explain that, "A New York City public-school teacher earning $100,000 can retire at 55 with a pension of $60,000. A private-sector worker would need $1.2 million to buy an annuity..." It's even worse for cops who, ...typically retire in their 40s. The average newly retired city cop collects a pension of $58,563 — plus a $12,000 annual supplement."

The rapacious desires of the public employee unions never ceases to amaze even the most hardened observer. The Country, State, City and many other Municipalities are heading towards inglorious bankruptcies. The citizen are stretched to the max and just like Oliver Twist, these unions always want More.

Cuomo will either make his stand here, or the fate of New York State and New York City is assured. It's really that simple.

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