J. Scott Moody
J. Scott Moody serves as vice president of policy and chief economist. Scott has over 10 years of economic policy research and economic modeling experience from his work with The Tax Foundation and The Heritage Foundation. He has authored and co-authored over 50 published articles and books. He has testified twice before the House Ways and Means Committee of the U.S. Congress.
He has been invited to speak before various organizations such as the National Conference of State Legislatures and the American Legislative and Exchange Council. His work has appeared in Forbes, CNN Money, State Tax Notes, the New York Sun, the Portland Press Herald and the Bangor Daily News.
Monday, June 9, 2008The High Costs of Retiree Health Care BenefitsBy J. Scott MoodyCategories: MaineA story from CNN/Money article why Mainers should be worried about the $4.5 billion unfunded retirement liability for state government workers and teachers. The article states: "Here's the skinny: In late May, Vallejo, Calif., became the largest city in California history to declare bankruptcy . . . The final budget-crusher was the city's pension plan. Thanks to retroactive benefit enhancements approved by the city council in 2000, police officers and firefighters can now retire at age 50 and receive an annual pension equal to 90% of their final pay (assuming 30 years on the job), an amount that gets increased every year to help keep pace with inflation." For an introduction to the issue, see my recent report on this topic titled: "Transparency-Shedding Light on Government Activities I: How Will Maine Afford Retiree Health Care Benefits for State Employees and Public School Teachers?"
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Monday, March 17, 2008Increasing Taxes for Additional Health Funding Would Hurt Maine FamiliesBy J. Scott MoodyCategories: MaineTarren Bragdon, chief executive officer of The Maine Heritage Policy Center, testified before the Maine Legislature's Joint Standing Committee on Insurance and Financial Services on March 13, 2008 and presented reasons to oppose additional funding to prop up the failing Dirigo Health program. Mr. Bragdon commented, "Dirigo Health was started in 2003 with the goal of covering 128,000 Maine people in a self-supporting health insurance program which would need no further taxes or state funds after the first year." The bill, LD 2247- An Act to Continue Maine's Leadership in Covering the Uninsured, is before the committee currently and would increase taxes for addtional Dirigo Funding. "Today, the program covers only 4,466 Mainers who were previously uninsured, which is less than 4% of the 2003 goal, in a program that costs $45 million a year," noted Mr. Bragdon.
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Friday, March 7, 2008Maine's Soaring Bill for Retiree Health Care BenefitsBy J. Scott MoodyThis week the Maine Heritage Policy Center released a new report examining Maine's unfunded liability associated with the promised retiree health care benefits for state employees and public school teachers--in accordance with the new GASB 45 ruling. The report finds that Maine's unfunded liability is $4,756,000,000. If Maine continues to fund these benefits on a "pay-as-you-go" basis, the yearly budget outlay will skyrocket 155 percent to $296 million in FY 2016 from $116 million in FY 2007. The report concludes that the best solution for Maine taxpayers would be to reduce the promised level of retiree health care benefits--a necessary step many states have already taken. This step is even more important in Maine because, according to data from the National Conference of State Legislators, the monthly health care premium cost (family coverage) for a Maine state employee was $1,454.78 in 2006--the 3rd highest in the country.
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