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Liberal policies ruined Fund
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Posted on Apr 22 2009
For many years, politicians have rendered the Fund liberal policy issues that contributed to the current mess. For instance, it wasn’t until recently that someone had the courage to slam the 3 percent per year increase in legislators’ annuities for reasons only known and good for lawmakers. Was this privilege extended to other members of the Fund? If not, may we ask why not?
Then there’s the increase in annuities handed down on a silver platter for retirees who worked for the naval administration and the old Trust Territory government. Was this political gift earned by recipients? If not, then why was it given? Isn’t this one of assorted liberal policies that now bleeds the Fund of money? But it had to be used for re-election purposes, right? At whose expense? Isn’t this a major culprit of what’s known as unfunded liabilities?
The hierarchical misapplication of woefully generous policies emanating from the Legislature is largely a part of the vicious equation to sink the Fund right into the sea of insolvency. Their prism is provincial politics, never the long-term consequences of shortsighted policies that shore up more obligations against the limited coffers of the Fund.
The inclusion of grandchildren as beneficiaries—expanding the payment beyond a member’s contribution—is a noble thing to do but one that would drain the limited funds of the program over the long term. This should be put to a halt forthwith!
The 30 percent bonus for early retirement is as sweet as honey political agenda encouraging early retirement but one that instantly bankrupts the local government as it struggles to find replenishment.
In more ways than one, we’ve failed to acknowledge that the enemy is us! It makes sense that prudence and frugality is exercised to the hilt to protect the Fund from incurring obligations it can’t afford.
Finally, no court in the land can willingly force a bankrupt government to cough up what is owed given that common sense dictates that you don’t kill Juan so that Bill can live. If this is so difficult to comprehend, then perhaps we all must return to Economics 101 and I would invite my friend Bill Stewart, an alleged economist of stature, to join me in this class.
[B]John S. DelRosario Jr.[/B] [I]As Gonno, Saipan[/I]
