Blog: Why Pensions Matter to Each of Us and Our Wallets Now
Friday, August 30, 2013
Sometimes it's good to spell things out and create lists, so I'm going to try a bit of that today in an attempt to help more of us understand why we should be actively engaged in pushing our state legislators to do something to resolve the state's $100 billion pension debt.
Think it doesn't concern you? Why should you care?
1. If you're 60-something and your property taxes are going up, get ready, your income taxes could be too. Again. Raising some income taxes is one of the ways some state officials are talking about dealing with the pension debt. We have a revenue problem, not a spending problem, they say. We note taxpayers already have been paying 67 percent more in income taxes the past few years, yet we're making no headway on our debt and unpaid bills.
2. If you're 60-something or older with children and grandchildren, you could pay more, your children could pay more, and your school-aged grandchildren already are getting less school aid. State school spending has been cut every year since 2009.