Some state lawmakers have devised Las Vegas-inspired schemes to fix Michigan’s roads on the backs of tens of thousands of dedicated teachers and public school employees.
These risky schemes endanger the retirement of Michigan residents, drive the state deeper into debt, and saddle taxpayers with massive costs. And Michigan voters agree. More than 75% of Michiganders who took part in a recent poll don’t want to risk teacher pensions to pay to fix potholes.
One Pensions for Potholes idea would gamble state retirement funds on the stock market — a scheme even conservative economists like Patrick Anderson have called irresponsible. Another would reduce payments into unfunded pension liabilities — like only paying the minimum on a credit card – costing taxpayers billions in extra interest.
How can I help stop Pensions for Potholes?
Contact your lawmakers today and tell them “no dice” on Pensions for Potholes
Lawmakers will try to tell you this won’t impact your retirement at all. Don’t believe them.
Here are the facts:
Bonding would gamble the retirement of tens of thousands of teachers and school employees on the stock market. But look at what’s happening with the market in just the past few weeks! That’s why even conservative economists like Patrick Anderson have called this proposal irresponsible. Rather than face the fact that fixing Michigan’s crumbling infrastructure requires new revenue, this plan borrows – and gambles – our way out of fixing our roads and bridges.
This plan would provide a temporary funding boost but cost taxpayers billions in long-term costs. Early estimates put the extra taxpayer costs at $11 billion for a five-year extension and $23 billion for 10 years. Worse yet, this would come at a time when the retirement system has seen its funding levels climb back toward a sustainable rate after a decade of declines.
We need to fund our roads and our schools — without using pensions to fix potholes. Lawmakers must make tough choices and provide taxpayers with real solutions instead of casino-inspired shell games.