once they get past their fingers and toes, RATS are really, REALLY bad with numbers...Who were mayors for San Fran between 1996 and 2008?
Frank Jordan, Willie Brown, and Gavin Newsom.....SHOCKER.....NOT!!!
so they’re saying that their sjw’s are too stupid to vote?
The Democrats love democracy, just so long as the people make the decisions that they are expected to make. If the people get it wrong, then the Elitists can come in and “fix” things by making the right decisions for the people. That’s what makes Democracy great.
Or something.
I know that they'll be expecting a Federal bailout (who can print money out of thin air ... apparently). Hopefully they won't get it.
The Chief Administrative Officer for Santa Cruz County, where I live, one of California’s smaller counties just 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. To purchase an annuity that would pay that amount you would have to contribute $4,000,000. Work for the government and become a millionaire.
https://www.wsj.com/articles/ill-funded-police-pensions-put-cities-in-a-bind-1499180342
Ill-funded Police Pensions Put Cities in a Bind
Municipalities that try cutting the retirement plans face pushback both from the officers, some of whom quit, and from a generally pro-police public
By Heather Gillers and Zusha Elinson
July 4, 2017 10:59 a.m. ET
When the city of San Jose had trouble affording services such as road repair and libraries because of the cost of police pensions, it obtained voter approval to pare them. What happened next proved sobering for other cities in the same pickle. Hundreds of police officers quit. Response times for serious calls rose.
Faced with labor-union litigation, San Jose this year restored previous retirement ages and cost-of-living increases for existing police officers, and last month it gave them a raise.
Police pensions are among the worst-funded in the nation. Retirement systems for police and firefighters have just a median 71 cents for every dollar needed to cover future liabilities, according to a Wall Street Journal analysis of data provided by Merritt Research Services for cities of 30,000 or more.
snip
Fooled?
Hey they back their masters there in S.F. 100%.
Call it the Homosexual / Sanctuary City / Union dues tax.
So, the SF voters are too stupid to be voting?!!!
This is true in Illinois as well. When the unions strike a deal that involves pensions. Usually its trading pay for pensions, it almost always ends up being retroactive to someone. This should be considered fraud but its not. For instance, a government union employee works 25 years expecting a 50% pension, forgoes a few years of pay increases and instead gets a 55% pension for the rest of her life. A few years later they bargain to get the retro pay increases.
They do this to stop the unions from striking and to balance the budget for the time the politicians are in office. Pensions are someone elses problem. Because they go into affect later even if they are retro. A politician sound like they are bargaining well when you hear about a pay freeze. And nobody notices the pensions just got a lot more expensive.
Wisconsin is the only state that has this right. Unions can bargain for pay. But not for pensions. Wisconsin is the only state in the union with a pension surplus.
Another thing to watch when it comes to pensions. Many governments need inflation to cover pensions. But when interest rates go up, public debt goes up too. Governments could collect more taxes when the price of things go up and the wages go up. But now there is no inflation so pension funds are having a hard time investing in a way that safely creates an income to pay pensions. They need inflation. But that only works when the state does not have a huge debt. Now you can float bonds and pay only a few percent. But this year the bonds just became a percent more expensive. If in a year or two we get that inflation the price of debt could double.
Our governments are hoping for GRP growth with inflation and low interest rates. Something that has never happened for more than a year or two in the late nineties.
Well they voted for it, let them enjoy being liberal and pay for their values.
"Fooled"??? - These are the same people that vote for SanFran Nan. Fooling them is less than child's play.
once they get past their fingers and toes, RATS are really, REALLY bad with numbers...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.
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 why I always vote NO on such referenda, school bonds, libraries, public trusts, etc. I figure there are thousands of boobs who will vote for it because it sounds nice even though they’ve never read the proposition or the undisclosed details where they handed the government a carte blanche. My vote won’t offset theirs but I figure every little bit helps.
Its been over 30 years, but a Miami-Dade ballot was worded so that a tax decrease missed by a decimal point. A 10% decrease resulted, affecting all County expenditures. The error was eventually papered-over after voters passed the proposal.