One of the consistent themes running through recent Legislatures is Democratic majorities retreating in the face of the slightest pressure — sometimes, even before they feel any pressure at all.
The latest dispiritng entry in this Chronicle of FAIL is a House/Senate task force on public sector pensions. Despite a Democratic majority on the panel, the task force seems determined to rule out possible new revenue sources for the pension funds. If the panel has its way, employees and retirees would absorb the bulk of the pain in a pension reform plan.
As a reminder, both pension plans were massively underfunded from the early 90s to the mid 2000s. In recent years, pension managers issued overly rosy projections on investment returns. That combo platter of ineptitude has resulted in a massive shortfall in both pensions. The Task Force was created by the Legislature last spring, after a reform plan to from House leadership capsized upon launch.
That plan emphasized benefit cuts and higher payments by employees. Leadership abandoned it after furious blowback from the unions. Well, it now seems that the Task Force is bent on following the same course. Members are not even considering measures that Gov. Phil Scott might veto.
Remind me, what’s the difference between legislative Democrats and the Republican administration? Precious little in this case.Continue reading