In 2001, Grey Davis promised State of California employees that they would be as well off as Silicon Valley tech company founding employees. “they didn’t build that” was not yet a phrase applied to private wealth.
Then the downturn. Oracle Corp for example suffered 13 years of no growth in value. Employees holding that in their 401K did not advance.
Not so with state employees. Figure 8% growth each year. Gaps paid for by the taxpayers. They are sitting pretty.
The private sector role model: not so much.
The list of Cal public pensioners receiving >100k and >200k per year is truly impressive.
Taxpayers there have to be proud they can compensate their retired public servants in such at such deluxe levels.