Taxpayers pick up tab for pension shams
The phrase “If it walks like a duck and squawks like a duck, then it’s a duck.” Step increases, cost of living adjustments, pay offsets for higher benefit payments by employee are all pay raises, whether or not the person was promoted. Union contract assurances benefit and protect workers unnecessarily at the public’s expense.
Pay levels, not based upon performance, or guaranteed returns on investment, ultimately borne by taxpayers, are shams. When we invest our hard-earned money, we are told that return on investment is projected but not a certainty. It is our risk! In government’s case, neither the employee nor the employer is liable. The guarantee is assured them with our tax dollars. We play no part in the transaction.
“Pension Obligation Bonds” or “Lease Revenue Bonds” are just the latest innovation of government to obfuscate and confuse the public into thinking they are on top of an issue, but in reality, are intended to screw us with complexity. Simplicity, or KISS ( keep it simple stupid) should be the order of the day. It’s all, part and parcel, with solving, or rather not, problems by introducing complicated, self serving layers to permit themto get away with murder. When the problem can be boiled down to have the “public servant” pay his “fair” share by taking a truly realistic pay cut and pay their own way, we are told bargaining is not doable. The California Rule prevents a loss of bargained for compensation at the risk of fiscal bankruptcy!
— Joe Azzarito, Chico
War 2. All now acknowledge getting behind a super funky leader and party back in the 30’s didn’t work out in the end for their well being. Giant consequences. Damaged the brand. Maybe another 50 years of guilt. Maybe less.
Penn State football was the coolest of the cool for decades. Some dudes blew it. Hurt the reputation. Damaged the sacred.
America will have much work cut out for it the next few years internationally. Faith is a strong powerful force. A great gamble of late on our part.
— Chris Durniak, Chico