The Connecticut State Republican Republican Reminds Voters Of How Bear Sterns, Lehman Brothers And AIG used Smoke And Mirrors
The Greenwich cable television entrepreneur was soon joined by former Stamford Mayor and Democratic candidate for governor, Dannel Malloy, called the idea penny-wise and pound foolish — saving money in the short term and but costing even more in the long term as state employees head out the door.
The state, they argued, will lose some of its best and brightest as thousands of experienced employees leave.
Mr Lamont has been quoted in the press saying, "The worst part is that the 'savings' this short-sighted proposal offers are a drop in the bucket — savings that are overshadowed by the loss of talent and the time, energy and money it will take to train their replacements, It's time to stop kicking the can down the road."
An estimated 8,000 state employees would be eligible for the plan, and 2,000 are expected to take it.
Since about 1,000 positions would have to be refilled, the state workforce would be cut by about 1,000 positions — saving $65 million per year, the out going Republican Governor has claimed.
The amount of savings in both the short and long term depends on the speed at which jobs are refilled.
Mr. Malloy sumed up the plan this way, "The problem with this type of program is clear: They sacrifice long-term economic stability and growth for a perceived short-term benefit. When employees take advantage of the plan they eventually have to be replaced, often at higher costs than if the current workers had stayed on the job. As just one example, in last year's plan we lost approximately 500 correction officers. Obviously, they'll have to be replaced, and it costs approximately $30,000 to train each one."
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