Vol. 32, No.3 April 07, 2006
THE HARD NUMBERS BEHIND
THE WELFARE FUND BLAME GAME Our Dear Leader, PSC president Barbara Bowen, and her trusty Welfare Fund sidekick, Steve London, have a ready-made answer regarding the collapse of the Welfare fund. Their response: "Don't blame us!"
Who do they blame? Mayor Bloomberg. Governor Pataki. The Republican Congress. President Bush. Globalization. Even "massive military aid" to the Israeli regime.
The figures below, assembled from the New York State Comptroller's Office, suggest a different explanation:
Year |
Union Reserve |
Operating Deficit |
Deficit as % of Reserve |
Notes |
2000 |
UFT:
$130,073,660
---------------------
PSC:
$15,404,822
|
UFT:
$3,602,357
-----------------
PSC:
$615,181
|
UFT:
2.77%
-----------------
PSC:
3.99%
|
Steve London has no involvement with Welfare Fund. |
2001 |
UFT:
$167,458,288
---------------------
PSC:
$12,765,307
|
UFT:
not available
-----------------
PSC:
$2,639,515
|
UFT:
N/A
-----------------
PSC:
20.68%
|
New Caucus takes a majority of WF board seats and implements new policies. |
2002 |
UFT:
$162,712,073
---------------------
PSC:
$8,506,802
|
UFT:
$7,032,805
-----------------
PSC:
$4,028,635
|
UFT:
4.32%
-----------------
PSC:
47.36%
|
Bowen and London ASK for NO increase in WF contributions by management. |
2003 |
UFT:
$148,633,106
---------------------
PSC:
$5,327,579
|
UFT:
$16,763,874
-----------------
PSC:
$3,411,912
|
UFT:
11.28%
-----------------
PSC:
64.04%
|
Welfare Fund reserves have continued to drop and now hover at roughly $1 million. |
What's the same between the UFT and PSC?
- They both work with Mayor Bloomberg and Governor Pataki.
- They both operate under a Republican Congress and President.
- They both experience the economic effects of globalization.
- They even both exist in a country that gives "massive military aid" to the Israeli "regime."
What's different between the UFT and PSC?
- Between 2000 and 2003, the deficit/reserve ratio of the UFT increased from 2.77% to 11.28%; at the PSC, the increase went from 3.99% to 64.04%.
- The PSC is led by Barbara Bowen and Steve London; the UFT has competent leadership.
So, once again, who's to blame for the PSC's Welfare Fund collapse?
Sharad Karkhanis, Ph.D.
Professor Emeritus
Forthcoming issues of The Patriot may be accessed at http://www.patriotreturns.com/.
Archived editions are available at http://www.patriotreturns.com/archive.htm. |