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I must admit that I have been unusually busy lately and have neglected to do much writing on IS. Like most people these days, I have been trying to make a living under a new set of demands, where taxes and costs for everything are higher and what we make is a lot less.
However, tonight I was reading about the “Ugly Truth about State Pensions”. Even the most casual observers understand that the feds are printing money like crazy, but the states cannot and they even have strict limits on borrowing, too. One must also recognize that much of what is driving these defecits is the burden of ever rising costs to the fastest growing group of retirees in the USA, and that is for state pensions. This is one of the fastest growing expenses the states owe and will grow even more under the present system. The article went on to describe the situation in dire detail, but I was thinking about how this could affect us locally, in little Suffolk?
So I pondered: Who is the largest pension investor in Suffolk? Wrong, it is not the city; it is CenterPoint our newest sugar daddy.
Anyone remember last year, when our Suffolk leadership approved a huge new development out on Route 58, along “Hamburger Alley” over the concerns of one and all?
CenterPoint describes themselves on their website: “After 12 years as a public industrial real estate company, CenterPoint was acquired by CalEast Global Logistics in March 2006. CalEast is a leading investor in logistics warehouse and related real estate whose members include the California Public Employees Retirement System (CalPERS) and LaSalle Investment Management.”
So I was thinking… What might happen to the big plans for CenterPoint out on Route 58, as they see more redemptions and a bigger drain on funds by retirees? Might CenterPoint be a bit slow to do what they said they would after all, given the direction of the economy?
This may derail, so to speak a huge project. Do we have a plan if this project fails? I doubt it as they still don’t have a plan for all those trucks, either… Comments???
Roger A. Leonard
Suffolk…