GothamSchools — daily independent reporting on NYC public schools

Great catch — I’ve added the link. We’re always happy to be directed to links we might have missed!

“the mayor controls the Panel for
Educational Policy, which will vote to approve the school.”
And there is the issue in a nutshell.
Makes a farce out of any thought of community  participation.
Makes millionaires out of education privateers.

So what do some of the folks here think of the plan to slash the compensation of future public employees to make up for the retroactive pension deals for those cashing in and moving out?  Again! 

Without those who benefitted from past deals, which will lead to service cuts for years, giving anything back?

Here is what I think:  it is consistent with just about everything that has been done, in the public and private sectors, federal, state and local, for 30 years.  A generational war by Generation Greed.

The same Mayor and state legislators that decided teachers in their generation should get to retire at 55 rather than 62 have now decided that those in younger generations should get to retire at 65 after paying far more in.  If they had just left the original Tier IV alone, we wouldn’t even be in this situation.

Oh the unions will protest, but don’t kid yourself.  They’ve been screwing the newbie for decades, but the newbies still have to pay dues, because the unions have a deal with the pols they support to make them.

Next stop — doing the same thing for Social Security in Medicare.  Because younger generations have “time to adjust,” presumably by saving 50 percent of their lower on average pay for retirement while paying higher taxes for those who came before and got tax cuts.

And why is the MSM not bringing up the generational equity of this?

A little OCD on this topic

No one cares

Larry Littlefield, Generation Greed in the private sector? Over the last 30 years?The overwhelming majority of private sector employees have seen a “lost quarter century” in terms of compensation as the money flowed to the top. That’s a major reason for this ed reform movement’s existence –  to replicate the accumulation of compensation for managers at the top. How do you see Generation Greed at work in the private sector rank and file over the last three decades?

The work of Generation Greed in the private sector can be found in the fact that the average wage of people at each given age has been going down, and going down consistently.

Meanwhile, just as public employee unions and politicians collude on secret deals to inflate pensions, so do top executives sit on each other’s boards and vote each other a rising share of private sector wealth.  Some claim growing inequality is the result of the marketplace.  It isn’t.  It’s self-dealing power.

I’ve written about this a lot, but you can get a summary in this post.

http://www.r8ny.com/blog/larry_littlefield/a_halloween_tale_how_occupy_wall_street_could_really_terrify_the_top_one_percent.html

More importantly, you are starting to read out the economic damage of excess executive pay in free-market oriented publications such as the Bloomberg News and the Financial Times.  Why is why you are starting to hear financial executives rant like — some of the posters here on Gotham Schools when the actual economic cost of those pension enhancements is brought up.

Here is a Financial Times article to read.

http://www.r8ny.com/blog/larry_littlefield/the_financial_times_calls_out_generation_greed.html

There is even a link between executive compensation and public employee pensions, as the money used for excess executive pay isn’t going to dividends for investors.

http://www.r8ny.com/blog/larry_littlefield/point_of_intersection_between_the_years_in_retirement_rich_and_the_bonus_rich.html