10:40 am, May 6, 2015

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  • Where's the Spreadsheet?
    Arlington Hewes
    According to Jack Lew, the new Director of the Office of Management and Budget, freezing federal workers pay will save "$2 billion over the remainder of this fiscal year, $28 billion in cumulative savings over the next five years, and more than $60 billion over the next 10 years." It would be interesting to know how deep an analysis was conducted in getting to these numbers. Presumably they reflect reduced salary (and pension) outlays. Do they also reflect reductions in other non-salary expenditures by the government as employer? The impact of reduced contributions to Social Security and Medicare? The impact of reduced federal and state tax revenue? Further downstream, there are the more speculative negative economic implications of freezing (or, effectively, reducing) pay at a time when the economy is fragile and needs a boost rather than an elbow to the lip. I'm not opposed to the proposed pay freeze -- but I'd feel better about it if had been accompanied by a clear and detailed analysis of the many interlocking factors that collecltively make it the right step at the right time for America and its economy, rather than as a "share the pain" gesture offered with the hope of placating a comment-box lynch mob that views federal employees as worthless, overpaid, coddled parasites -- all of whom should be fired and hanged (in no particular order).
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  • Freeze?
    Joe
    The two year freeze probably won't freeze the retirement annuity computation. If your 2010 salary is your highest annual salary then it certainly won't freeze it. For example: 2008 salary=$73,000, 2009 salary =$75,000, 2010 salary=$77,000, frozen 2011 salary=$77,000 and frozen 2012 salary=$77,000. If you retire on 12/31/10 the high three is $75,000. On 12/31/11 it is $76,333, on 12/31/12 it is $77,000. Your high three will still increase over the three year period just at a slower rate.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Sublimation?
    Arlington Hewes
    Assuming, of course, that the high-3 formula for federal workers' annuities remains the law of the land. If replaced with a high-5 formula (as is being proposed by the National Commission on Fiscal Responsibility and Reform) annuities would shift from "low" into "reverse."
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }