San Diego Housing Market News and Analysis
How a pension deal went wrong and cost California
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Submitted by equalizer on September 19, 2016 - 10:10pm
LA Times decides to do a little work!
At least Grey Davis now feels a little guilt. "Hamm, recently retired chief executive of the California Assn. of Highway Patrolmen and the one who bankrupted the state said he now worries that “pension envy” could lead to a backlash against public employees.
“If I was in the private sector just struggling to get by, had no dream of retiring, would I be upset?” Hamm asked during a recent interview. “Yeah. And we have to understand that’s a reality.”
Gotta love this quote: "Board chairman William Crist, an economics professor at Cal State Stanislaus and former president of the faculty union, interrupted with sarcasm. We could go through a modeling exercise where we make all sorts of different assumptions and make predictions, but that’s really more than I think we can expect our staff to do.”
How is he not an Economic errorist? Should he not be on an island in the South Atlantic?
The current pension projections are around 7.5%, which is just absurd. It should be 4-5% at the most, right?
Is anyone worried?
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