Revenue Forecast Released
I read in the news today that Oregon is anticipating higher than ever tax collections—but somehow still needs new revenue to cover the ever-growing costs of the Public Employee Retirement System (PERS). Oregon’s public pension crisis is going from bad to worse: Poor investment returns are pushing the PERS unfunded actuarial liability close to $26.6 billion, and it is probably even worse.
That means public employers – our state agencies, our schools, our sheriffs, our cities, our counties – will have to shift even more money away from serving Oregonians toward paying for this out-of-control system.
Yet, you and your fellow lawmakers, appear intent on raising billions of dollars in new taxes before they even considering how to fix the runaway PERS costs.
It makes no sense.
As your constituent, I urge you to make slowing the growth of these costs your first priority. Economic growth or higher taxes won’t fix the state’s PERS problem unless lawmakers first get major overhead costs under control.
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