Richmond, California mayor "one of these days it's all going to come crashing down" (wage, salary)

[lovecrowds]

California local governments, schools feel big pension squeeze | The Sacramento Bee

Richmond, California due to union bribes spending 50 million a year now for pension obligations and "anticipates another 50% increase in the next half decade"

California local governments, schools feel big pension squeeze | The Sacramento Bee

Looks like it could go into bankruptcy soon, this while certain crimes are spiraling out of control in that city.

Doesn't look like the police are pay based on performance as they average more then $137,000 a year.

Love, how these cities just ignore all these unfunded pension obligations, while projecting insane 7%+ returns year after year as if it there isn't a huge equity bubble already.

I honestly can't wait until it all comes crashing down on these cities for promises that were based on false, optimistic numbers and unions bribes. They should have just had a 401k plan all-along then they could have 50 million more per year to spend on the city services like those $137,000 a year police officers.

[PullMyFinger]

To be clear, those pensions were set up with the revenue in place to fund them. It's irresponsible politicians who misappropriated the funds.

[desertdetroiter]

All things will come crashing down one day. Duh.

[PedroMartinez]

Originally Posted by PullMyFinger

To be clear, those pensions were set up with the revenue in place to fund them. It's irresponsible politicians who misappropriated the funds.

Since we can't trust the politicians, it's much better that public employees have private retirement accounts.

[TrapperJohn]

Originally Posted by PullMyFinger

To be clear, those pensions were set up with the revenue in place to fund them. It's irresponsible politicians who misappropriated the funds.

To be clear, no. They could never fund them.

[joeymags]

I looked in depth at this city. Bordering on illegal fraud and corruption. There are many fire and police officers making +350k/yr in salary and benefits.

[camaro69]

Originally Posted by lovecrowds

California local governments, schools feel big pension squeeze | The Sacramento Bee

Richmond, California due to union bribes spending 50 million a year now for pension obligations and "anticipates another 50% increase in the next half decade"

California local governments, schools feel big pension squeeze | The Sacramento Bee

Looks like it could go into bankruptcy soon, this while certain crimes are spiraling out of control in that city.

Doesn't look like the police are pay based on performance as they average more then $137,000 a year.

Love, how these cities just ignore all these unfunded pension obligations, while projecting insane 7%+ returns year after year as if it there isn't a huge equity bubble already.

I honestly can't wait until it all comes crashing down on these cities for promises that were based on false, optimistic numbers and unions bribes. They should have just had a 401k plan all-along then they could have 50 million more per year to spend on the city services like those $137,000 a year police officers.

States cannot legally file for bankruptcy, but then again this is California.

[TrapperJohn]

Originally Posted by camaro69

States cannot legally file for bankruptcy, but then again this is California.

Richmond isn't a state.

https://www.google.com/amp/s/amp.cnn...ons/index.html

[doc1]

Proves that CA'ians are severely under taxed and should pay more.

[man4857]

Originally Posted by lovecrowds

California local governments, schools feel big pension squeeze | The Sacramento Bee

Richmond, California due to union bribes spending 50 million a year now for pension obligations and "anticipates another 50% increase in the next half decade"

California local governments, schools feel big pension squeeze | The Sacramento Bee

Looks like it could go into bankruptcy soon, this while certain crimes are spiraling out of control in that city.

Doesn't look like the police are pay based on performance as they average more then $137,000 a year.

Love, how these cities just ignore all these unfunded pension obligations, while projecting insane 7%+ returns year after year as if it there isn't a huge equity bubble already.

I honestly can't wait until it all comes crashing down on these cities for promises that were based on false, optimistic numbers and unions bribes. They should have just had a 401k plan all-along then they could have 50 million more per year to spend on the city services like those $137,000 a year police officers.

OP, you live in AZ and yet you're here bashing CA? Were you originally a CA resident or what?

How about you bash AZ's HORRENDOUS lack of public education funding or our economy full of low wage slow growth jobs where people can't even afford to live in a low COL area? Is that what makes AZ the best state ever? Worry about your own state's problems and let CA deal with theirs.

You can bash all you want but CA has a way more innovative and productive economy than AZ so you have nothing to defend except pick on the $137k officers or pensions which is miniscule in comparison. Pick on someone your own size.