Same mindset with both cities.
City of Dallas proper isn’t “Dallas” the metropolitan area.
The City may even be Dem. Anyone know offhand?
There’s no easy or painless solution. The only thing is to allow it to collapse and pick up the pieces and start over, it seems to me.
Plenty of blame to go around but one thing is for sure: the people most responsible for this will suffer the least.
It’s easy to hand out other people’s money.
Dallas is chock full of liberals.
Let’s say that you invent a machine that freezes time in one area.
You can rob a bank, and freeze time there so no one finds out until after you die.
That’s how Democrats operate.
They steal because nobody will do anything about it until after they are dead.
They should jail the politicias who set this up.
If you set up a pension in your business the way the government does, you would actually go to jail for it.
They take money from you for your pension, but instead of putting it onto a bank account for the future they spend it now- then promise to pay you out of the money that comes in when you retire.
In 2014 and 2015 the fund lost $370 million on investing activities with a loss of $238 million in 2015 alone. Benefits paid to members for those two years totaled $533 million. The fund hired its first Chief Investment Officer in mid 2015. That individual left after one year and the position remains vacant.
At this rate the future looks bleak. It reminds me of what former Texas Agriculture Commissioner, Jim Hightower once said about family farms: It’s still possible to make a small fortune in family farming provided you start out with a large fortune.
Let them eat cake.
4% annual raises in pension plus a COL? That is what I read and it is absurd. Not enough money anywhere to fund that.
Just as bad as the feral gubment budget process.
To hell with them. Let them struggle like those of us in the private self-dunded retirement world.
This is yet another leveling of the playing field I can hope that Trump can chop down to size.
Correlated article, dated 12/13/16 :
99 Dallas officers have quit or retired in last 10 weeks, reports say"
www.star-telegram.com/news/local/community/dallas/article120589238.html
" CBS 11 reported that most of the 99 who left since Oct. 1 were some of Dallas’ most experienced officers,
according to the incoming president of the Dallas Police Association."
I pulled the numbers from the 5 counties I consider to be the Dallas ‘Metroplex’
DJT
200,395 - Collin
28,396 - Rockwall
261,865 - Dallas
345,683 - Tarrant
169,175 - Denton
Total = 1,005,514
HRC
139,837 - Collin
9,633 - Rockwall
458,845 - Dallas
288,001 - Tarrant
110,000 - Denton
Total = 1,006,316
Difference = 802 HRC
RECOUNT IT..! LoL
Hahahaha. These public “workers” crapped in their nest. Their inappropriate benefit raises were from their greed and sappy politicians agreeing. Tough luck.
Pay close attention.
This is coming to a city and state near you.
They raise the pension return to 8% which is not possible to archive year after year. California and other states did the same. Someone was being bribed. California has the taxpayers on the hook if the gov’t workers do not get they very high pension checks.
RATs raid and feed on the public fisc more ravenously than their name sakes do at grain storage facilities. What they don’t consume they leave damaged or dirtied.
99 Dallas police officers have quit in the past 10 weeks and there are only 30 in the new training class.
$5k/mo and 4% cost of living increase. Whew. Wish the state would do half that.
Any time you have access to “other people’s money” (e.g. the taxpayers’ funds), it is far too easy to spend that money. A prime example of the ills of socialism on display. This situation is playing out across this country with private and public pension funds in dire straits.
All of these types of pensions should be done away with and replaced by 401k type pensions. The employer can kick in 5%, and the employees can contribute whatever they want, just like those of us in the private sector. This free lunch crap needs to stop. Yesterday.
Not to worry. Today, they approved a 25% increase in salaries phased in over (5?) years.