Kim Komando
1 888 825 5254
Real Estate Today
with Gil Gross - 1 877 558 6329

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
 
Dial N Deal - Friday June 26th 2015
Dial N Deal returns Friday July 10th Children's Bicycle in good condition, red, with training wheels, $80 new - asking $40 Jake, Altoona 942-7981 La-Z-Boy Recliner tan, nice condition - $70 Wood Bookshelf  - $20 John, Altoona...
Read More
The 11th Hour - Guests & Topics June 22nd-26th 2015
Monday June 22nd 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 June 23rd &  Wednesday June24th Thursday June 25th Adam Conrad - Real...
Read More
Dial N Deal - Friday June 19th 2015
Amana Air Conditioner 12,000 BTU, 10 years old, not "Energy-Star efficient", but works great - $50 Donna, Altoona SOLD Lift Chair electric, tan upholstery, arm pads, barely used, 6 months old, looks like a typical living room chair -...
Read More