elderly, women and children most affected
Posted on 01/12/2011 1:03:31 PM PST by NormsRevenge
SAN FRANCISCO (KCBS) – San Francisco’s pension fund for retired city workers is even worse off than projected. The city will have to contribute around $600 million next year to pay for pension costs.
Last year, the Civil Grand Jury caught flack from city workers’ unions for predicting that San Francisco would have to contribute 17 percent of retirees pensions. As it turns out, it’s even higher – 18 percent, according to Supervisor Sean Elsbernd, who sits on the City’s Retirement Board. That’s 4.5 percent higher than last year, and it’s now projected to rise to 26 percent in three years.
”It will be the equivalent of having two San Francisco General Hospital budgets, about $650 to $700 million on the books, whereas just five years ago it was zero,” said Elsbernd.
Public Defender Jeff Adachi, whose pension reform measure was narrowly defeated by voters last year, said that it confirms what he’s been saying.
”It’s going to bankrupt the city, there’s no question,” said Adachi. “And what’s scary is that it’s going to happen within the next four or five years.”
...
(Excerpt) Read more at sanfrancisco.cbslocal.com ...
It couldn't happen to a more deserving bunch.
It has always been their plan to have taxpayers around the country to pay for their waste and foolish promises...Its high time all states have to deal with their own situations and face their problems by themselves, if this does not end now, we will collapse as a nation shortly.. Its already in desperation mode.. So no federal bailouts ever, if we can hold to that then as the founding Fathers envisioned citizens can move to states of responsibility. No more Taxes, no More Bailouts, san Fran, you did this to yourself, Go ahead and burn by your irate citizens hands, and if it spills over into other states, go to Jail and rot!!!
Work in SF for 5 years... get free health care for life
http://blogs.sfweekly.com/thesnitch/2010/12/health_liability_billion.php
NO BAILOUT FOR CALIFORNIA!!!!!!!!
Obama/Geithner will bail them out. Maybe even Republicans!
Somehow, someway, this will be blamed on Republicans. Most particularly on George Bush.
boo... hoo....
“NO BAILOUT FOR CALIFORNIA!!!!!!”
I’ve posted maybe 10 different times re the inaccuracy of the common perception that California is so horrible from a financial perspective. First I’ll say that obviously we have almost unfathomable stupidity at play and we are paying the price but I still take offense at the misconception that the US should or should not bail us out. It’s our money. Per the most recent records, for roughly the last 50 years, California has had an enourmous credit balance with the federal govt. And by HUGE amounts. Something like 35 states are and have been on CA funded welfare and we have funded the federal govt to an extent not even approached by any other state. I’m also talking per capita. The gross $ amount is staggering. If we got our money back, we’d have more money than China. So please don’t suggest you shouldn’t bail us out (I actaully agree I’m just being arguementative) since it’s our money.
You should have succeeded while youi had the chance. The other states are not as stupid as you guys lol
S.F. needs creative new taxes.
Instead of banning Happy Meals, they should have taxed them. The good liberal residents would be happy to pay such a tax.
Levy a tax on the visitors to the tent at the Folsom Street Fair. I hear that public unspeakable acts have been so numerous at that fair, that a plan was put in place to erect a circus tent for those who were too excited to wait to get home. Then they could do things out of public view. Charge an admission fee and then there’s some extra money for the city.
Raise hotel taxes, as tourists pay those.
Along with Happy Meals, add a tax to any restaurant/fast food meal which doesn’t meet the standards of the food police.
Add a tax to any car which is not a Prius or Chevy Volt.
Certainly liberals don’t need our help to figure out which taxes to raise. And since SF is full of good liberals, there should be no blowback from the residents when their taxes are raised.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.