The article “Westmoreland places ‘leveraged bet on market’ to shore up county pension debt” (July 17, TribLIVE) was a well-researched exposé, based on facts and the opinions of many experts, concerning recent steps by the county commissioners and finance director to issue a $140 million pension fund bond. It was followed by the editorial “Funding pensions on credit is crazy” (July 20, TribLIVE) that ended, “And that is the definition of insanity.”
I disagree with “insanity.” One can be insane, yet simultaneously be smart and honest.
Issuing this bond is dumb, vile, incompetent, corrupt and against the best interest of Westmoreland County taxpayers. Space allowed here is insufficient to explain each of those charges. I’ll just say: The bond itself will cost millions to issue; the bond front-loads 30 years of projected expenses into 20 years; bond payments must be made as scheduled, contrary to payment flexibility inherent in self-management; the $140 million creates temptation to increase future retirement benefits.
The county commissioners and finance director should 1) immediately stop this bond issue and take whatever loss there is, for surely the future loss will be much greater, and 2), resign. Failing either, there should be a recall election to get rid of Sean Kertes, Douglas Chew and Gina Cerilli Thrasher and ensure finance director Meghan A. McCandless is fired.
Jim Baker
Greensburg