once they get past their fingers and toes, RATS are really, REALLY bad with numbers...
Posted on 07/04/2017 2:10:52 PM PDT by Rockitz
A new San Francisco civil grand jury report blames $5.8 billion in unfunded county public pension liabilities on voters not realizing that they were voting for two pension spikes.
Despite being Ground Zero for social justice warrior elites, San Franciscans always assumed they would never be ravaged by unions and crony liberal politicians spiking unfunded pensions, because the city’s century-old county charter required a public vote for any enhancement of a government benefit.
But when the Governmental Accounting Standards Board (GASB) issued Statements 67 and 68, which required greater public pension liability disclosures by mid-2015, auditors calculated that the national unfunded public sector pension liability for state and local governments had jumped by almost 50 percent to $1.378 trillion. In a surprise to ultra-liberal San Franciscans, their unfunded pension liability spiked to $5.8B.
According to a finding by the grand jury’s June 2017 report: “There are several causes for the underfunding of the Retirement System, but the main underlying cause is the retroactive retirement benefit increases implemented by voter-approved propositions between 1996 and 2008.”
The grand jury documented 12 separate initiatives that were put on the ballot by San Francisco’s County Supervisors and dutifully passed by the public between 1996 and 2012 that had some type of impact on retro-active retirement benefit increases.
The grand jury found that 10 ballot initiatives had a “Voter Information Pamphlet” that did not adequately inform voters of what they were voting on. Two of those voter-approved initiatives involved “significant” retroactive pension increases amounting to $3.5B.
...
The grand jury referred to the spiking liability as a “Pension Tsunami.” It specifically found that between 1996 and 2008, “the Mayor, Board of Supervisors, Retirement Board, and Controller did not fulfill their responsibility to watch out for the interests of the City and its residents.”
...
(Excerpt) Read more at breitbart.com ...
Sorry... posted to wrong thread...
Man, it's hard to believe people just allowed this kind of government insanity to fester....
A freaking bureaucratic administrator!
Spit!
[Easy to Gruber.]
Yep, just tell the idiot liberals it’s got some “gay”, “transgender”, “multi-cultural”, “pro-abortion” angle and rant against Trump while praising Obama and Hillary.
They’ll vote for it every time.
Suckers. LOL.
It is the government against the people. If people on knew to what degree...
[ An Administrative hack for Santa Cruz County retired at 62 after 27 years of public employment her final salary with benefits was $380,000 per year. Her retirement will be $200,000 per year. ]
Man, I picked the wrong career........
It’s simply legalized extortion of the tax payers by CA government.
once they get past their fingers and toes, RATS are really, REALLY bad with numbers...
Boy did I miss out on the sweet gravy train of the constant burden to the taxpayer.
Dang.
Just kidding
I was a state employee for about 10 years and my comical salary wasn’t much of a burden to taxpayers.
These days I’m glad I bit the bullet and learned how to fix computers to move on and up and away.
I had long winded technical title and lived a spartan life in mortal terror of any unexpected bill over $50. A lot of low level types like me were in the same boat. What ones I know are no better off now. I don’t doubt that many voted for the wun first, then pickles or the bern later.
If you were an inner circle favorite, the situation was very different. Good things would come and did. The right last name, right school, or lick the right boot buys very little to sweat.
But it sells the soul. Such people are never happy.
Yeah, I guess the trick was to bag a high-salary and then move away and live on the cushy pension. I did Fed work (USMCR) stuff while in tech school but since it was the early Reagan years, I was still on Fed retirement.
Should have gone for GS-11 or GS-13 many years ago. Oops.
Well, like “Duh”! /s
Too bad you can’t sue Gavin Newsom for $3.7 billion. I wonder about the San Francisco Chronicle, though... Usually newspapers publish analysis of such things... and they’re semi-official when they do.
So the bureaucrats wrote the info pamphlets purposefully to fool the voters. This should result in the death penalty.
Having served as a volunteer in North Carolina, I can appreciate but not fully validate your feelings towards firefighters. Firefighting is a young man’s job, just as was infantry for me as well. Even a 61 year old police officer is not going to be up to every law enforcement task the beat if forced to deal with all situations. Fighting fires is one one of them most strendous and dangerous professions on earth.
I was listening to san francisco kcbs on AM radio a couple of weeks ago and there was a female news announcer talking about north korea and “internet continental ballistic missiles.”
THIS IS NOT AN ISOLATED CASE!!!
This should result in the death penalty.
Yep!
Yeah, I've heard that, but it doesn't wash here. The unionized firefighters here have nothing more than three stories with which to deal, and who spend their time “promoting” even more “safety items” so they can sit around the “house eating and sleeping.” Now here, when you build a single-family home, it has to have fire sprinklers. And when it comes time to “inspect properties” in the area for weed abatement, instead of sending out someone in a pickup truck, the union rules specify that the “inspections” be done by the FF’s so they use a pumper truck to make their tour. Firefighters here are simply disgraceful PE Union goons who are paid handsomely for doing very little. Here they "shop for the house" at the most expensive market in town. A place that I can't afford to patronize. And then we have the situation down in Los Angeles where the Lifeguards at the Beach are FF’s so they get to retire at 50 after spending their worthless lives ogling women on the beach. It's just nuts!
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