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(No, this isn't a CA bash thread. This is the kinda crap that is and probably will continue to go down in many States.)
Quote:
As San Francisco struggles under ballooning pension and health care costs, the city’s retirees will receive unexpected cost-of-living bonuses totaling $170 million. The city’s anticipated budget deficit for the coming year is $360 million.
True insanity. But you know, got to keep those public unions flush.
The voters defeated a proposition that would have required workers to contribute more to their OWN pensions and benefits. I wonder what they pay now? Probably pennies.
From the OP link:
" It took in $414 million in contributions in 2010 but paid out $819 million
On Jan. 4, an actuarial firm reported that the $13.1 billion San Francisco Employees’ Retirement System now had an unfunded liability of $1.6 billion — triple its shortfall a year earlier."
Those are some truly scary numbers. Do they think they will get bailed out by Uncle Sam ?
I didn't see where they justified the raise or justified how they felt fears were overblown given the actual numbers.
Best arguement out there to let CA and it's sanctuary municipalities FAIL. All their city governments are doing is looting the treasuries before declaring bankruptsy.
I guess screw a state government with 100th the shortfall, and pensioners already in retirement that are "abusing the system" when financial giants need their green.
Either way..they are failing the class.."Econ 101"
How much longer can this pension fund last ? The ones running it see no problem.
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