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.
That's utter and complete crap.
It is identical to taking a $20 out of your left pocket, putting it in your right, and claiming you've increased your net financial position by +$20.
You have not. The claim is a bald lie.
How the actuaries and other financial watchdogs allow this is beyond me.
This is a fraud upon the public, a fraud upon the pensioners, and a fraud upon the workers who are being promised those pensions. It is a scam; you cannot borrow from yourself and claim you have somehow improved your own lot, as you've done no such thing -- you have simply moved money from one bucket to another.