According to study by Cavanaugh Macdonald Consulting, the Governor’s new teacher pension proposal will cost you the tax payer, at least $4 BILLIONS more in short fall of taxes, and will not even fund the current system to the level it would if we just keep the current system and fund it as required by law.
Over the next 20 years, MORE of your taxes will have to go to fund the Governor’s plan than if we just do what is required to do by existing law. No changes would be necessary: No benefit cuts; no change to pension scheme; not even changes to retirement age or years of service.
Adding to that, this $4 BILLIONS in additional cost, does not even include what more it may cost you, the tax payer, once we fully understand the State Worker pension proposal by the governor’s office. The number of $4 BILLIONS could be much higher over that same period, once that analysis has been completed.
Again, as I have said before; every entrepreneur knows, you can NOT cut your way to profitability. We must go after and get new revenue streams to catch up the unfunded mandates from the past 15-20 years through options like expanded gambling. We can do this. And we can do it without raising taxes, or costing the taxpayers of this state more money.
We owe it to our teachers, our children, and future generations.
Here is a link to the article mentioned: <click here>