California's Pension Deal Costing Billions

LOL, thanks Desh. Unable to discuss the subject and can only focus on one issue.

(As an aside if you really want to defeat Hillary quit wasting time on this board.)
 
cawacko said:
For anyone interested in reading the article the gist is during the boom times in '99 Gray Davis and legislature pass this massive pension increase for many state workers and the chickens are coming home to roost today and well into the future.


http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/
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Typically, pension negotiations are complex. Also typically, governors regularly raid the coffers to balance other budget issues.
From the article:

His predecessor, Gov. Pete Wilson, took $1.6 billion from CalPERS accounts in 1991 to help close a state budget gap. Wilson also reduced retirement benefits for new state employees, effectively creating a second class of state workers.
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Chris Christie took the state pension fund, and put it into the hands of campaign donor hedge funds. They lost a shitload of the money, while taking huge fees.

As usual, the worker ends up getting screwed.

But...workers usually take smaller pay raises in lieu of better pensions. The fact that money was invested in a failed market is not the fault of the workers.
 
Althea said:
Typically, pension negotiations are complex. Also typically, governors regularly raid the coffers to balance other budget issues.
From the article:



Chris Christie took the state pension fund, and put it into the hands of campaign donor hedge funds. They lost a shitload of the money, while taking huge fees.

As usual, the worker ends up getting screwed.

But...workers usually take smaller pay raises in lieu of better pensions. The fact that money was invested in a failed market is not the fault of the workers.
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Politicians give out generous benefits because it benefits them today and they won't be around when the check comes due. What we have here is clearly unsustainable. We are going to pay more in taxes and receive less services to meet these payments.

The workers aren't above greed themselves. Very few retire at 55 earning close to $100K/yr for the rest of their life other than public employees.
 
All pensions are collapsing because of obozo's 8 years of super-low interest rates. That policy has wiped out pension income while pension payments have NOT dropped.
 
cawacko said:
Politicians give out generous benefits because it benefits them today and they won't be around when the check comes due. What we have here is clearly unsustainable. We are going to pay more in taxes and receive less services to meet these payments.

The workers aren't above greed themselves. Very few retire at 55 earning close to $100K/yr for the rest of their life other than public employees.
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Show me one public servant you know who is earning $100 kpy pension who isn't a high level executive, legislature or council member.

Althea is right. Those pension benefits were a negotiated part of those employees compensation. Just as my health insurance and pension fund with my private sector employer are. No one is giving them or me shit. They and I earned those.

This is just more of your free market fundamentalism and a double standard that only the privileged few in business are permitted to negotiate what the market will bear for their goods and services.
 
cawacko said:
For anyone interested in reading the article the gist is during the boom times in '99 Gray Davis and legislature pass this massive pension increase for many state workers and the chickens are coming home to roost today and well into the future.


http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/
Click to expand...

And low and behold the people that create the problem are no longer in office to pay the price. Just kick the can down the road. It's all about the first responders and teachers. Do you hate first responders and teachers?
 
Mott the Hoople said:
Show me one public servant you know who is earning $100 kpy pension who isn't a high level executive, legislature or council member.

Althea is right. Those pension benefits were a negotiated part of those employees compensation. Just as my health insurance and pension fund with my private sector employer are. No one is giving them or me shit. They and I earned those.

This is just more of your free market fundamentalism and a double standard that only the privileged few in business are permitted to negotiate what the market will bear for their goods and services.
Click to expand...

I don't think you read the article. A tax payer in California is suppose to see that and say "eh, I have no problem with it?"
 
Mott the Hoople said:
Show me one public servant you know who is earning $100 kpy pension who isn't a high level executive, legislature or council member.

Althea is right. Those pension benefits were a negotiated part of those employees compensation. Just as my health insurance and pension fund with my private sector employer are. No one is giving them or me shit. They and I earned those.

This is just more of your free market fundamentalism and a double standard that only the privileged few in business are permitted to negotiate what the market will bear for their goods and services.
Click to expand...

Bullshit. They didn't "earn" anything. They colluded with gobblement to screw taxpayers

Tell us how you negotiated your own personal pension and health care. Can't wait to hear the magic
 
look, if politicians are gaming the system to establish political patronage then they should be prosecuted to the full extent of the law but government is no different than business when it comes to supply and demand. If you want attract competent quality people you'll have to compete with the market and the vast majority of professionals, technical and skilled government workers earn substantially less than their private sector counter parts.

If you do not agree with how your elected officials negotiate for public service labor then vote them out but you cannot rennig on a contractual agreement when the other party has provided the deliverables both parties agreed upon.
 
Crooked ILLary said:
Bullshit. They didn't "earn" anything. They colluded with gobblement to screw taxpayers

Tell us how you negotiated your own personal pension and health care. Can't wait to hear the magic
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Yeah well tell that to the police, fireman, public utility, public health, teachers, etc.

If anything they prove the substantial advantage of union representation in basic wages and benefits.

The same people bitching and moaning now voted for politicians who have whittled away their rights to negotiate for their compensation and have a case of sour grapes that they don't have shit to retire on.
 
cawacko said:
For anyone interested in reading the article the gist is during the boom times in '99 Gray Davis and legislature pass this massive pension increase for many state workers and the chickens are coming home to roost today and well into the future.


http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/
Click to expand...

I listened to a discussion w/ him yesterday on KQED radio.....

He said back then he did it as a way to give them more as he felt they weren't getting enough........ Then the DOT com bubble hit.......

He feels it will get worse & then worse until voters demand some changes.... He believed (if I recall correctly) that would happen....

Living her in the Sacto area I know many state workers & those under the old contract have a real sweet deal, + full medical coverage(+spouse domestic partner) until death......

Many retire early & then go back to the state part time..... $$$$$$$$
 
Mott the Hoople said:
Yeah well tell that to the police, fireman, public utility, public health, teachers, etc.

If anything they prove the substantial advantage of union representation in basic wages and benefits.

The same people bitching and moaning now voted for politicians who have whittled away their rights to negotiate for their compensation and have a case of sour grapes.
Click to expand...

It works great when one side says "I want your vote and it's not my money i'm giving you so here you go".
 
Mott the Hoople said:
Yeah well tell that to the police, fireman, public utility, public health, teachers, etc.

If anything they prove the substantial advantage of union representation in basic wages and benefits.

The same people bitching and moaning now voted for politicians who have whittled away their rights to negotiate for their compensation and have a case of sour grapes that they don't have shit to retire on.
Click to expand...

You didn't tell us how you negotiated your pension plan
 
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