1. Politicians want to get elected and reelected.
2. Unions contribute to their campaigns and gurantee turnout.
3. Politicians negotiate sweetheart deals with the unions.
4. Politicians underfund pensions so they can buy goodies for their contituents and buy more votes.
5. Before the stinky hits the fan, the politicians have moved on and/or retired.
6. Retirees and the taxpayers get screwed.
California has the 8th largest economy in the world, and yet 80% of every dime they spend is on salaries, benefits, and pensions.
These public employee unions will eventually bring all of the States down.
Perhaps the real reason why public-sector pension costs have not been tackled is that the full bill has never been revealed to taxpayers.
http://www.economist.com/opinion/displaystory.cfm?story_id=13988606
When I receive my property tax bill there is a pie chart showing where the money is allocated. A big piece of the pie is always public schools. However, that piece of the pie is never cut to show how that money is spent on schools.
It is nothing more tham Dem money laundering on public dime:
1. Dems want to get elected and reelected.
2. Unions contribute to their campaigns and gurantee turnout.
3. Dems negotiate sweetheart deals with the unions.
4. Dems underfund pensions so they can buy goodies for their contituents and buy more votes.
5. Before the stinky hits the fan, the Dems have moved on and/or retired.
6. Retirees and the taxpayers get screwed.