DeLaney statement on Teachers’ Retirement Fund transfer and our ‘excess revenue’
INDIANAPOLIS – After $2.5 billion was transferred to the Pre-1996 Teachers' Retirement Fund yesterday, State Rep. Ed DeLaney (D-Indianapolis) released the following statement:
“Typically, people who bury money in glass jars in their backyard are viewed as hoarders, who are not looked upon favorably. It might shock Hoosiers to learn that this is exactly what's happening with their tax dollars by driving up our rate of prepayment of the Pre-1996 Teachers' Retirement Fund.
“Hoosier tax dollars have been redefined by Statehouse Republicans as 'excess revenue' and are being used to pay down an obligation, some of which is not due for 10 years or more, rather than invest in Hoosiers right now.
“If I were an investment advisor looking at 'stock' in the State of Indiana I'd recommend that people sell their shares. Why would you keep your money in a company that has no idea how to expand its business into new markets or even improve its products? Our 'state products' include schools, colleges and roads.
“The new supermajority motto is 'Brag now, cut taxes in the future.' And Hoosiers are supposed to sit here and say, 'Oh, I'm so glad I gave you my excess revenue so in the future you can cut taxes?' Give me a break. Republicans have turned an already-successful long-term program to take care of teacher pensions into an excuse to do nothing else.
“This marks an absolute low point in my long career in Indiana politics. In the past, we invested when we could and scrimped when the economy demanded. The new strategy is don't invest and don’t scrimp. They're hiding our money and telling us that our tax money is 'excess revenue.' I want my money back.”