Here in Rhode Island, the littlest state in the nation, we don’t get to say we’re number one very often. But here’s our chance: right now it appears that we’re number one in the country for screwing the public sector worker out of long-term financial security. From the Associated Press:
Despite jeers and the threat of a lawsuit from public workers, Rhode Island lawmakers on Thursday night approved one of the most far-reaching overhauls to a public pension system in the nation.
The proposal is intended to save billions of dollars in future years by backing away from promised benefits to state and municipal workers in the state-run pension plan. Lawmakers called Thursday’s vote one of the most wrenching they’ve had to cast, though the fight may not be over if unions follow through with promised lawsuits.
When I look around the street I live on, which is a modest street in its home values, I see a lot of my neighbors who are going to be impacted by this. The cumulative loss of the additional cost-of-living increase might well cost some of these individuals their homes someday. These are teachers, administrative workers, and security workers for the state, just to name a few.
Treasurer Raimondo’s response for why EngageRI, the organization that supports her agenda, does not need to disclose its financial backers is because pension reform “benefits everyone.” This is just a bald-faced lie. A large percentage of our state’s workers just lost a big piece of long-term income security. They are now going to have to clamp down on spending and save more to fund their own retirements. These are people who will not be able to give to nonprofits or support that local band fundraiser or go out to eat but once in a blue moon to save the extra money.
If we want to benefit everyone, we need to take from those who have too much. The “too much” line in my mind gets drawn when we are talking millions and billions in income and assets. When enough people finally realize what is going on and the top 5% start to pay their share again, we might have enough money to rebuild our country. But by then, we may be too far gone.