(Public Employee) Unions the culprit in L.A. insolvency

By Brian Calle

The Orange County Register

Published: April 20, 2012

Updated: April 22, 2012 12:11 p.m.

Link: http://www.ocregister.com/opinion/city-350310-unions-angeles.html

Excerpts:

  • A study released earlier this month by the Stanford Institute for Economic Policy Research estimated that each of the city’s three independent pension funds are unfunded by billions of dollars: the City of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employees’ Retirement System is $11.32 billion unfunded; and the City of Los Angeles Water and Power Employees’ Retirement System is $6.59 billion unfunded. To put the numbers in context, L.A.’s 2011-12 operating budget is $6.87 billion, according to the city.
  • Considering these trends, the city of Los Angeles could be facing the start of bankruptcy “as early as next year,” (former Los Angeles Mayor Richard Riordan) argues.
  • What helped to cause many of these problems is the political might of public employee unions and the willingness of elected officials to kowtow to their whims. (Former Los Angeles Mayor Richard Riordan) made the point more bluntly when he said the unions basically control the L.A. City Council.

 

Commentary:

  • Obviously, the taxpayers in the City of Los Angeles (and elsewhere in the State of California) FAILED to learn from the catastrophic bankruptcy of the City of Vallejo, which was caused by OBSCENE salaries/wages/overtime, benefits, and pensions being paid to city employees, especially pigs and hosers.
  • Honestly, I hope the City of Los Angeles has an EPIC bankruptcy so that the taxpayers elsewhere in the State of California will recognize the danger of OBSCENE salaries/wages/overtime, benefits, and pensions being paid to public parasites (a.k.a. government employees), especially pigs and hosers.
  • Throughout the State of California, public parasites (a.k.a. government employees) “working” for the state, counties, cities/towns, and special districts are sucking budgets dry and relentlessly pursuing new taxes and “fees” to continue their feeding frenzy.
  • Much of the damage is yet to come because these “vested” (i.e. untouchable) underfunded OBSCENE pensions will continue to require additional contributions from the annual budget to cover the underfunded liability and, consequently, reduce the funds available for current services.  This drain on funds available for current services will continue for more than THIRTY YEARS until all of the “vested” pensions have cleared through the system.
  • These OBSCENE pensions should be VOIDED IN THE INTEREST OF JUSTICE because the government officials who approved these pension agreements were effectively puppets of the public employee unions and NOT acting in the best interests of the taxpayers.  Furthermore, the terms of these OBSCENE pension agreements are unconscionable.
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