WHO: Baltimore City legislators and pension system officials
WHAT: Actuaries have determined that Baltimore City taxpayers will have to kick in $20 million more than last year to city government retirees’ benefit funds to make up for market declines. That means $20 million that can’t go to schools or roads or other essential services.
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WHY IT’S A BAD IDEA: Thousands of us won’t be able to retire as soon as planned thanks to a falling stock market. Everyone has seen massive declines in their 401(K) and individual retirement accounts this year. Who will make up the difference for us? City officials should ask city employees to pay more for their benefits and cut them to make sure the city can afford to pay for police and trash collection and others things that make this city run.
WHERE TO VENT: Call Mayor Sheila Dixon at 410-528-8011 and tell her to be fair to taxpayers.
Dim bulb: When Baltimore looks strangely Canadian
You know what really steams our crabs? When we go see a movie that takes place in Maryland — you know, like “Hairspray” or “Man of the Year” — and we discover the film set doesn’t resemble Baltimore in the slightest. Perhaps because it was filmed in, oh, say, Canada. Noted filmmaker and Baltimore native Barry Levinson said Maryland does not offer enough incentives for film producers to come here. Maybe that’s true, but we think the better solution would be to cut taxes across the board so that all business, not just filmmakers, have a reason to choose Maryland.
Quote of the day
“It’s ugly and based on market performance, it’s going to get a lot uglier.” — Thomas Taneyhill, executive director of the Baltimore City Fire and Police Employees’ Retirement System, speaking about the significant losses to city pension funds
