Posted on 03/03/2011 6:08:26 PM PST by dragnet2
Lawmakers on Wednesday reacted skeptically to a controversial new proposal to lower public employee pensions throughout state and local government.
"Frankly, I just don't see this happening," said Sen. Alex Padilla during a joint meeting of committees that oversee public employee compensation.
The Los Angeles Democrat was referencing a week-old report by the bipartisan Little Hoover Commission that calls for radical changes to public pensions to keep them from "crushing" government.
....suggestion would let state and local officials unilaterally freeze current employees' pension benefits and then reduce pension credit earned for future years on the job.
But the crisis is so dire and growing so quickly, the Little Hoover report says, that government can't wait for decades for a lower pension benefits for newly hired workers to take hold. It needs to cut what it pays for current employees. Current retirees' benefits would remain untouched.
The conclusions were based on nearly a year of research and testimony from a wide variety of pension experts and interest group representatives.
"Well, while we appreciate (the report), policy recommendation without legal analysis doesn't always do us a whole lot of good," Padilla said.
...the Little Hoover report on Wednesday's agenda, the hearing chamber was packed and an overflow crowd spilled into the hallway.
Public pension officials took turns criticizing the commission's pension-change idea.
Jack Ehnes, CEO of the California State Teachers' Retirement System, called the proposal a "meaningless recommendation" that "punts policy to the courts."
Union representatives who were invited to speak to lawmakers also pounced on the Little Hoover report.
"It's unwarranted and unfair," said Labor Coalition Executive Director Dave Low
"If you reduce pensions you're going to reduce the supply of people available to do this job," said Craig Brown, who represents state correctional officers, among other public employees.
(Excerpt) Read more at sacbee.com ...
The Los Angeles Democrat was referencing a week-old report by the bipartisan Little Hoover Commission that calls for radical changes to public pensions to keep them from "crushing" government.
Every private sector American should recoil in anger at this utter government arrogance and betrayal.
This implosion would be fun to watch if I didn’t know in my heart the Baraqqis will eventually make me help pay for it.
You’re already in the hole for 14 trillion....
Just one trillion is 1000 billion....
BTW, you worrying about CA is like worrying about the neighbors burning their toast, while your own home is fully engulfed in flames...
Brown was the one who gave them the right to unionize and bargain collectively. Why would he reverse course now?
“Baraqqis will eventually make me help pay for it.”
I personally think that would touch off a civil war. We aren’t going to bail out California. At least not with our eyes wide open.
Where did it say he was reversing course?
Won’t happen. It will simply take the people telling government to f off.
Of course, what government doesn’t quite get, is most are broke...No money for more taxes to pay for governments lottery style retirement pensions, bloated wages and tax paid benefits..
This is going to heat up, more than most would ever imagine....And not just in CA.
My view is it won’t be a direct welfare handout.
It will be the FedGov (aka taxpayers) guaranteeing Calif (and NY and Illinois) bonds.
How would Florida bail out CA when your own pension funds are broke? lol...
see my post #8
It’s nothing that a massive tax hike can’t fix (and we were going to do that anyway.)
Now if you’re done bugging me - I have to get back to the hard work of taking your freedom.
Have a nice day. *flips you the bird*
-the California Legislature
Thank dragnet2.
Won’t happen...Relax...Everyone is broke...lol
I’d take that bet, but as a poor fixed income retiree I need every buck I have to buy gas to get to the casino, LOL.
Nah. Believe me, they aren’t.
There is little to no hope for CA. Even if when they collapse and try to rebuild, they will still have the same cast of characters to deal with..... permanent dem leadership, unions, illegals, etc.
Corretion, there is little to no hope for CA Government...
Again, the tax base has been substantially reduced and most are broke, so it’s *government* which collapses...
A good thing! We’ve been waiting a long time for this.
Other states to follow...
BTW, if the feds ever did bail out CA, they have to do the same for 30+ other states...
Boo freakin' hoo, Dave. It's totally warranted and fair -- especially for the taxpayers.
Alex Padilla....
The Calif version of Maxine Waters—only Hispanic.
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