When’s the Recall?
Reports from a variety of media reveal California state employees are spiking their pensions to stratospheric levels, leaving nothing for their brother employees. Sorry, can't blame Wall Street for this one. In a laudable instance of the mainstream media doing its job, the Los Angeles Times, the Sacramento Bee, Bloomberg News and City Journal have all exposed "pension spiking" by California public employees.
Basically, the govt greedsters manipulate rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years.
The Los Angeles Times pieced together tough-to-get data from Kern and Ventura counties and found a fiscal horror story: In Kern, 77% of public employees with pensions greater than $100,000 actually get more than they did during their working lives. In Ventura, the figure is 84%. Kern has a $761 million pension shortfall, in part due to the practice.
Both the practice and the lack of transparency are signs of a rotten system. Bigger counties like San Diego and Los Angeles also permit pension spiking.
AND GET THIS: LA govt insiders asked the Times to fork over $63,000 for "research" or they won't reveal a thing about govt budgets (tax dollars). Seems it doesn't bother the govt bureaucrats to pay out the spiked cash, but knowing how much of the tax dollars are going out is (not allowed)....... (Excerpt) Read more at news.investors.com ...
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FReeper grampadave posted: CBS Evening News reported 3/7/12---San Jose, CA has three spanking new libraries and a mega- police station that are vacant and unused b/c of lack of funds----govt worker pensions are eating up the city budget. Govt workers get 90% of their salaries as pensions when they retire at the age of 50 or so---probably into a 2nd low-show six- figure govt job.
Vallejo, the city that went bankrupt closed a new fire station and for awhile had the community of Benicia on call for fires and police action. Then, things seemed to turn around, the fire station was reopened, cops and firemen were hired, and we started hearing about the Vallejo miracle.Most of us know that the age of miracles died about 2000 years ago.
So how did Vallejo liberals running the same Ponzi games with union thug voters turn Vallejo around? Apparently, the new regime got promises from the thugs in DC and got federal grants to pay their bills. Eventually the evil bond holders/creditors will be knocking at the doors asking for money that will not be there when those grants run out.Vallejo was in vote-crazed Obama's pants in the last election, and they will be even more so in the upcoming election.......there was no Vallejo Miracle just more of the same criminal con game.
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Paraphrasing Saint Augustine “Without a system of justice – what is govt but a marauding band of thieves.”
yeah haha....good one !