I Would Gladly Pay You Tuesday For a Pension Fund Today

New York State channels Teddy KGB (“I’m paying you with your money”) – courtesy of the NY Times, in an article titled: “To Pay New York Pension Fund, Cities Borrow From It First,”

ALBANY — When New York State officials agreed to allow local governments to use an unusual borrowing plan to put off a portion of their pension obligations, fiscal watchdogs scoffed at the arrangement, calling it irresponsible and unwise.

And now, their fears are being realized: cities throughout the state, wealthy towns such as Southampton and East Hampton, counties like Nassau and Suffolk, and other public employers like the Westchester Medical Center and the New York Public Library are all managing their rising pension bills by borrowing from the very same $140 billion pension fund to which they owe money.

 

I don’t know about you, but this makes my head spin.  I really can’t decide if the Wimpy “Hamburger” quote or the Teddy KGB quote is more apt here.   Let’s just go with both of them.

I will gladly pay you Tuesday for a pension fund today. (see what I did there?)

Obligatory Teddy KGB Audio embedded:


Still Up 20 Grand

-KD

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