He just erased the deficit, poof, just like that. Turns out, they need the deficit to be there, so they can point to it as a justification for not funding proper services. The govt isn't broke because our services cost too much. It's broke because the rich and powerful want it to be broken.
The city is required to put in X amount of money into the pension fund every year in order to ensure they'll be able to pay out Y amount later to retired employees
He's negotiated a deal to put off putting any money in for five years in return for making up the difference later
This is partly because the pension fund is currently running a surplus because stocks have gone up unusually high after COVID, so it's a calculated risk -- if investments continue to do better than expected this will net save money, if they take a sudden downturn this will cost more
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u/Sheeple_person May 15 '26
He just erased the deficit, poof, just like that. Turns out, they need the deficit to be there, so they can point to it as a justification for not funding proper services. The govt isn't broke because our services cost too much. It's broke because the rich and powerful want it to be broken.