About $6 billion, apparently. From the Boston Globe:
Massachusetts lawmakers are proposing bigger pensions for state and municipal employees that could cost $6 billion or more, according to some estimates, triggering a chorus of complaints from fiscal watchdogs and local leaders who say the money is not there to pay for it.
The union-friendly, election-year maneuvers by the House and Senate would increase the annual cost-of-living adjustments that retirees receive as part of their pensions.
The individual numbers are seemingly small, a boost of about $120 a year more for every retiree, which advocates say is well-deserved. But multiplied by over 100,000 former teachers and state workers in the state’s pension system as proposed by the House and by 86,000 municipal retirees as envisioned in a Senate amendment, it would add up fast, say critics.
There is a phrase that is used to describe one danger of a representative democracy: “bread and circuses”. Lacking true accountability, and without proper checks and balances in place, politicians are at risk of supporting fiscally irresponsible or short-sighted proposals, solely to gain popularity among enough voters to extend their term in office.
I don’t want to begrudge anyone a COLA on their retirement income, but if there is money to burn, shouldn’t it be spent on other purposes, including shoring up pensions that are currently underfunded, investing the money in services and infrastructure that will be needed for the future, et cetera?