Michael Bloomberg is getting more Giuliani-like by the minute......

[marmar]

from the NY Times:




Mayor Warns on Pension Costs but Gave Pay Deals

By MICHAEL BARBARO
Published: June 22, 2009


Mayor Michael R. Bloomberg is sounding the alarm over New York City’s pension system these days, calling it “out of control.”

Costs have ballooned, he says, threatening to bankrupt the city. Municipal unions and lawmakers in Albany created the crisis, he suggests, and left the city holding the bag.

But interviews and budget records show that the Bloomberg administration itself is responsible for much of the growth in city pension costs over the last eight years, and has repeatedly missed opportunities to rein in the spending.

Since Mr. Bloomberg took office, city contributions to the pension system have jumped nearly five-fold to $6.3 billion, from $1.4 billion, and they now account for one out of every 10 dollars in the city’s budget.

A major reason: the mayor has given the city’s 300,000 workers generous pay increases, guaranteeing that they retire with bigger pensions, which are typically 50 percent of salary. Such raises force the city to make heftier payments to the pension system now. ..........(more)

The complete piece is at: http://www.nytimes.com/2009/06/23/nyregion/23pension.html?hpw