Dave's Place

 


Geist Increased his Pension at Huge Cost to Taxpayers

Pa Independent published an article Friday under the headline “PA’s pension debacle raises fears of higher taxes, Unfunded mandate of $40 billion has to be dealt with regardless.”[1]  This same article was reprinted in the Saturday Altoona Mirror. At issue is the enormous financial obligation that has saddled taxpayers with the cost of extremely generous pensions.  “State contributions to a pair of public pension funds will increase by 600 percent in the next five years. The costs will continue to grow for the next decade, as the state makes up for a decade of underfunding the pension systems and the investment losses of 2008.”[2] 
The article describes the severity of the problem but it does not explain how we got here. January 2001 the Pennsylvania General Assembly voted to pass House Bill 26.[3] The bill was introduced by twenty nine legislators including local 79th District Representative Rick Geist. The bill increases his and other legislator's pensions by 50 percent and that of state workers by 25 percent. "This generosity and an unwillingness to pay for it, has left the state pension underfunded by between $13.7 billion and $114 billion depending on who you ask."[4]  
Should we worry? Yes! Taxes are going up. Geist isn’t worried. He stands to receive a hundred thousand dollars a year in his pension when he his no longer in office, which many of us hope is soon. You see the political lifers don’t worry about the problems they create they just leave them behind for others to solve.
 



[1] February 24, 2012 | By PA “PA’s pension debacle raises fears of higher taxes Unfunded mandate of $40B has to be dealt with regardless” By Eric Boehm Click here
                                                                   
[2] ibid
[3] Pennsylvnia General Assembly House Bill 26, Click here
[4] Citizens Alliance of Pennsylvania January 30, 2012 Click here


Tags :  
Topics : LaborSocial Issues
Social :
People : Eric BoehmRick Geist




 
02/26/2012 8:26PM
Geist Increased his Pension at Huge Cost to Taxpayers
Please Enter Your Comments Below
Title :
Comment :
Recent Posts
Categories
Archives
 
The 11th Hour - Guests & Topics August 25th-29th 2014
Monday August 25th James B. Huntington, PH.D Choosing a Lasting Career The Job-by-Job Outlook for Work's New Age Work's New Age Blog Tuesday August 26th David Ickes Wednesday August 27th including The Blair County Antique...
Read More
Dial N Deal - August 22nd 2014
Aloe Plants 12 in small pots - $1 each 8 in one crock - $8 Sue, Hollidaysburg 695-1474 Love Seat white, with design, 8 years old, but brand-new condition, rarely used - $150 Betty, Altoona 949-9022 Harley-Davidson Saddle Bags leather,...
Read More
The 11th Hour - Guests & Topics - August 18th-22nd 2014
Monday August 18th Steve Willett Super-Sized 9am to Noon Tuesday August 19th [Doug's back] David Ickes Wednesday August 20th Dr. Gabe Mirkin Dr. Mirkin.com Dr. Gabe Mirkin on Fitness & Health Facebook page Dr. Mirkin on...
Read More