Wednesday, July 22, 2009
Pension Calculus Draws New Scrutiny - WSJ.com
And rightfully so!
Local governments don't have much accountability on items like this.
They cave in to union demands in order to keep public services running, and unfortunately, don't protect the citizens money very well...
Local governments don't have much accountability on items like this.
They cave in to union demands in order to keep public services running, and unfortunately, don't protect the citizens money very well...
Craig Karmin describes some of California's problems with pensions:
"In California, which has taken to issuing IOUs to hoard cash, a private interest group has launched a campaign to publicize the names of government retirees with pensions of $100,000 or more to promote its view that steep pensions threaten to bankrupt states and municipalities. Mr. Nowicki's payout was brought to light in the spring in a Contra Costa Times column.
While it happens nationwide, pension spiking has been especially prevalent in California, which some attribute to favorable terms negotiated by powerful unions."
