This from the New Haven Register: “Hamden has roughly $56 million in its pension fund. If it were fully funded, it would have more than $400 million invested for pensioners and current town employees.”
My question is: Does anyone care? Sure, the pensioners have a major concern and they should, but what about the taxpayers?
Year, after year, after year the same people get re-elected who not only have not been able to solve the problem, but worked hard at making it worse. This problem will ultimately deal all residents of Hamden a cruel blow - from renters to homeowners to business conducting their trade in Hamden.
Should the council decide to bond the pension, the interest payments alone would eat up a big chunk of the budget. Remember, we will be borrowing money for the expressed purposes of insuring those folks who worked for promises made by this and past administration are paid in full, some of who are enjoying pensions is excess of $50,000 per year with the highest being paid over $100,000 per year.
Many members of the current administration helped craft the current calamity. They, along with longtime members of the council who endorsed this nonsense are to blame – members like Al Gorman, Jack Kennelly, Carol Nobel, Kathleen Schomaker, John DeRosa and Michael Calaiacovo have become permanent fixtures thanks to voters who haven’t been paying attention.
So what does this mean? The answer is obviously higher and higher taxes. It would not surprise me to see taxes double within 10 years. The only other solution is to file bankruptcy. Ultimately the voters will have to decide this November to continue on the path of financial ruin or maybe, just maybe, the outcome of the election will be different than what history has shown.
Ron Gambardella
Chairman of the Hamden Republican Party
Hamden