Quincy Quarry Weekly Fish Wrap: Wintertime and Zoom make the grifting easy …

— Quincy Massachusetts News from Quincy Quarry News.

To Zoom or not to Zoom, that is the question …
Image via ideas.4brad.com

Quincy Quarry Weekly Fish Wrap: Wintertime and Zoom make the grifting easy …

Earlier this week and in a performance that would make a carny shill blush, the City Council rolled over and “picked” a Koch Maladministration fav to fill a vacancy given the resignation of a ward councillor who is in turn rumored to be taking a better paying and no pesky constituent services obligations post as the head of the City of Quincy’s employee pension fund.

So what, apparently, for the death wish angle taking on the post as the head of the city’s pension fund.

Gutted like a fish
Image via Outside Bozeman

After all, the underfunding of the city’s pension obligations has steadily worsened over the past decade in spite of the fact that we have been in what has been one of the greatest stock market bull runs in history, if not the greatest ever.  

Further, the City of Quincy’s retirement fund is now among the bottom 5 worst off pensions funds among the 105 Massachusetts municipal employee pension funds.

That and even worse shape than the MBTA’s underfunded pension fund. 

LOOK OUT BELOW!!!
Image via barrons.com

Way worse.

Black Hole territory worse.

In the meanwhile, local taxpayers who are already funding the 10% of the city’s annual budget so as to so far try in vain to merely but mitigate the gobsmacking city employee pension obligation shortfall are further stuck with not only having to continue to cover the nut for this annual budget item going forward, local taxpayers’ nuts are further facing a four times the rate of inflation growth on the current annual budget outlay pension shortfall makeup payment until at least the late 2030’s.

To Hell with you — I got mine!
Image via Redbutton.com

But not to worry about Quincy Mayor Thomas P. Koch — who owns at least some of this as well as other long ongoing and dire financial problems — and his merry band of no heavy-lifting coat-holders as one can only assume that they will be retired by the time things merely but start hitting the fan by the end of this decade and will thus be receiving their respective monthly kisses in the mail.

Short of the city having to opt to file for a Chapter 9 reorganization by the time this and other outsized and mostly koched-up financial obligations surely become unduly burdensome around the end of the 2020’s, that is.

After all, if taxpayers are going to be whacked, so too should those who gave rise to the City of Quincy’s impending financial woes.

QQ disclaimer