83.9 F
Charlotte Amalie
Tuesday, August 9, 2022
HomeNewsArchivesGERS RAISES SHOCKING

GERS RAISES SHOCKING

Dear Source,

The news that the GERS Board granted the staff of the GERS hefty raises is shocking and unbelievable. These are not the best of times for the Virgin Islands economy and considering the shaky position of the Government's finances, this decision is misplaced. I believe that the Board felt that since the GERS is an independent agency, the decision to raise salaries by an average of 50% has nothing to do with the Government's financial problems.
Commissioners in the Governor's Cabinet who have the same or higher degree of fiduciary responsibilities earn one-half of these new salaries. What is the simple justification?
The Board should tell the government employees and the retirees why they allowed this kind of raid on the GERS Fund. We cannot compare the Virgin Islands GERS with that of another jurisdiction and use that for the excuse to raise salaries.
President Clinton just re-nominated Alan Greenspan to another four year term, and that immediately sent stocks tumbling on the DOW. Stocks will lose value over the next year for investors fear higher interest rates to come. This will not help the VIRGIN ISLANDS GERS. REVERSE THOSE RAISES TO A MORE MODERATE LEVEL, NOT 50 PERCENT.

Editor's note: Eric Dawson was born and raised on St.Thomas. He served four terms as a Virgin Islands legislator, served as chief legal counsel to the Legislature and was commissioner of Economic Development for the V.I. He is currently on the staff of the U. S.Small Business Administration in Washington, D. C.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Load more
Dear Source,

The news that the GERS Board granted the staff of the GERS hefty raises is shocking and unbelievable. These are not the best of times for the Virgin Islands economy and considering the shaky position of the Government's finances, this decision is misplaced. I believe that the Board felt that since the GERS is an independent agency, the decision to raise salaries by an average of 50% has nothing to do with the Government's financial problems.
Commissioners in the Governor's Cabinet who have the same or higher degree of fiduciary responsibilities earn one-half of these new salaries. What is the simple justification?
The Board should tell the government employees and the retirees why they allowed this kind of raid on the GERS Fund. We cannot compare the Virgin Islands GERS with that of another jurisdiction and use that for the excuse to raise salaries.
President Clinton just re-nominated Alan Greenspan to another four year term, and that immediately sent stocks tumbling on the DOW. Stocks will lose value over the next year for investors fear higher interest rates to come. This will not help the VIRGIN ISLANDS GERS. REVERSE THOSE RAISES TO A MORE MODERATE LEVEL, NOT 50 PERCENT.

Editor's note: Eric Dawson was born and raised on St.Thomas. He served four terms as a Virgin Islands legislator, served as chief legal counsel to the Legislature and was commissioner of Economic Development for the V.I. He is currently on the staff of the U. S.Small Business Administration in Washington, D. C.