Workers can’t ignore cost of PERA ‘fix’

Rescuing the Public Employees Retirement Association (PERA) is nothing new for state lawmakers.  Twice in the last decade, legislators have thrown PERA a lifeline, forcing the state, school districts, local governments and finally even workers to chip in hundreds of millions of dollars to keep the plan afloat.

As recently as four years ago, PERA and many employee groups refused to acknowledge the plan’s peril, despite assets falling from 105 percent of the amount needed to pay benefits to just 70 percent from 2000 to 2004.

In 2008, PERA’s funding ratio tumbled to below 52 cents for every dollar of promised benefits — a $30 billion deficit.  After almost a year of cautioning lawmakers against acting hastily, even PERA’s directors finally asked for help — a third rescue plan in just seven years. (more…)

Why is Bennet silent on this backroom deal?

When politicians pick winners and losers, the stench of sleazy backroom deals is inescapable.

Colorado’s appointed U.S. Senator, Michael Bennet, has inveighed against special deals, like the ones that purchased the health care votes of Nebraska’s Ben Nelson and Louisiana’s Mary Landrieu.  He also talks often about the need for more competition to control costs.

Yet Bennet — as well as Sen. Mark Udall — seems fully committed to voting for a bill that transfers more control to politicians and bureaucrats.  Moreover, Bennet seems oblivious to a provision that cuts a special deal for certain health insurance companies right here in Colorado and undermines competition. (more…)

Colorado can’t afford another ‘business-friendly’ Democrat

After all the Hickenhoopla dies down, Colorado voters may experience a sick feeling of déjà vu as the Denver mayor and Democrat candidate for governor claims that he’s “business friendly.”

We’ve been down this campaign trail before, just four years ago, when nice guy Bill Ritter bent over backward to ingratiate himself to every gullible business organization in the state.  Only the most ardent Republicans refused to fall for the fallacy of a business-friendly Democrat, and business leaders and editorial boards across the state have been (deservedly) kicking themselves ever since.

So, here we go again. (more…)