They are "the gift that keeps on giving."
Pension income is recycled right back into the economy, so it is time to think of them the way Hallmark thinks of greeting cards.
A recent report by the Citizens Budget Commission focused on the city's liabilities, including pension liabilities. Pensions may carry debt, but they can also create revenue.
Last year, some $5.5 billion was paid to the 43% of our retired public servants receiving a pension and living here, according to the Independent Budget Office. These dollars were potentially recycled back into the economy. Approximately $1.6 billion were paid to these retirees and beneficiaries living in Queens; $1.4 billion in Brooklyn; $777 million in the Bronx; $760 million in Manhattan; and almost $1 billion in Staten Island.
Read more ...