I was listening today to Mayor Bloomberg’s weekly interview on WOR and a couple of things he said caught my mind. Let’s remember than Bloomberg knows a little about economics.
First he said what many of us have known for a long time. Social Security is the biggest Ponzi scheme in existence and by far it dwarfs the Madoff affair.
The next thing he said was that many couples in NYC are both municipal workers. By today definitions they qualify as rich. Two teachers, aged 40, have a combined income of $200,100. This is without taking into consideration fringe benefits, early retirements, sick days, overtime, comp jobs, sabbaticals et cetera. The same applies to police, firemen and sanitation.
Having worked for the city, and knowing many couples who fit the Mayor’s description, I can't help but smile remembering how many times I heard them demand more taxes for the rich.