Don’t bail out pensions at taxpayers’ expense

New Mexico public employees enjoy some of the most generous pension benefits in the nation. Over the years, these public employees, including teachers, have received robust pensions to offset traditionally low salaries.

But this isn’t the case anymore. Salaries have risen, and the average teacher salary in New Mexico is more than $53,600. A school principal will easily receive a comfortable pension as high as $60,000. Not too bad, considering the average wage earner in New Mexico makes $35,000 annually and does not get a pension.

Democratic Sen. Mimi Stewart of Albuquerque, who hopes to get the Senate pro tem job this month, is proposing to boost the taxpayer contribution to 18 percent to the state’s Educational Retirement Board. That’s a harsh burden on the New Mexico taxpayer who foots most of the bill for public employee pensions.

She says she wants to bring “parity” with the Public Employees Retirement Association system.

What about some parity for the taxpaying New Mexican?

Stewart’s bill raises a high red flag when it comes to her understanding of what’s happening in our state. It’s time for a reality check: Unemployment rolls are skyrocketing, businesses are closing and despair is growing. New Mexico’s economy is in tatters.

While we all must admire teachers and their noble profession, this is hardly the time to be sticking the taxpayer with an increased bill.

Right now, taxpayers are paying for teacher pensions and the paychecks of educators who are not even in their classrooms, while tens of thousands of struggling New Mexicans are wishing they could just go to work.

The cost of this legislation is enormous. New Mexico’s pension unfunded liability totals $12 billion. Yes, $12 billion. This, as our current budget is out of whack and our Democrat-led Legislature continues to dip into reserves like hungry sparrows attacking birdseed. (Our total state budget is $7 billion).

Once fully implemented over four years, Stewart’s legislation would cost the state $120 million a year. This money would not only be another drain on taxpayers, but lawmakers would have to sacrifice other programs to fill this massive financial gap.

This is another example of squeezing the taxpayers when New Mexicans are hurting. Stewart’s lack of priorities is shocking and shameful in these painfully difficult times.

There’s also a matter of worker equity. Since the pandemic hit, all public employees have continued to receive a paycheck. They’ve enjoyed paydays while New Mexicans in the private sector wait for unemployment checks and ache to return to work.

To Stewart, it seems public employees have become the aristocracy and must still be well taken care of.

Historically, New Mexico has doled out generous pensions over the years that it can ill afford, but this time it’s a real affront on our needy citizens. All of this is going on while small-business owners fold up their tents, private sector employees lose their jobs and the savings of New Mexico families dry up.

It doesn’t seem right to starve the suffering New Mexico taxpayer to keep the entitlement plate filled for public workers.

Even Democratic state Sen. John Sapien of Corrales says he has “grave concerns” that Democrats are “leaving behind the private sector.”

It’s a sad reality that the economic disparity between public and private employees is growing bigger and faster, only that public employees keep getting their pension benefits — something few in the private sector can boast.