New York City Paid 114,000 Highly-Compensated Public Employees Earning $100,000+
Authored by Adam Andrzejewski via RealClear Policy (emphasis ours),
New York City had more than 114,000 municipal workers earning $100,000 or more in 2019. That is up sharply from 76,166 employees with pay exceeding $100,000 in 2016.
Data comes a year before the pandemic hit and is the latest year available.
These were not just high-level employees like agency commissioners or deputy mayors. NYC employees included thermostat repairmen making up to $198,630; regular laborers hauling away $213,169; electricians taking home $253,132; and plumbers pocketing up to $286,245.
The cost of benefits would be additional and is not included in these figures.
These large paychecks are only sustainable because Congress bailed out New York City for $4.3 billion in the American Rescue Plan Act of 2021. The federal bailout more than covered the overstated deficits of the city.
City officials estimated a $5.5 billion gap, but actual revenues came in $2.7 billion higher. Using $1.2 billion from reserves, and finding $1 billion in unspecified labor savings, among other things closed the budget gap.
Therefore, the federal money now exists for extra spending.
In December, Fitch Ratings downgraded New York City’s bond rating and issued a negative outlook. That was after Moody’s Investors Service lowered the credit ratings of both the state and city in October.
The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.
Wed, 06/02/2021 – 21:26
Source: Zero Hedge News
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