DEPUTY MAYOR: NYC GOING THE WAY OF GM

The New York Post reports:

One of Mayor's Bloomberg's top aides warned today that the city could go the way of General Motors and collapse if its runaway pension costs aren't reigned in.

"Defined benefit plans such as what the city has were designed in an earlier generation and are not only obsolete but unaffordable," Deputy Mayor Ed Skyler declared in a speech before the Citizens Budget Commission.

"The private companies that have them, such as GM, are facing bankruptcy and bailouts. The city will be in the same position if we don't get these costs under control."

Bloomberg is pushing a bill in Albany intended to save taxpayers $7 billion over the next 20 years by requiring newly-hired employees to put in at least 25 years before retiring at a minimum age of 50.

Wouldn't you contribute money to a politician if you could retire at 50 and live off the taxpayers?