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Even If They Saw It Coming, They Didn't Care
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What's especially galling to those of us who have lived in California for the past two decades is that now -- NOW -- the L.A. Times FINALLY recognizes that insane public employee pension deals are hurting taxpayers and destroying the state's finances. This article examines how then-Governor Davis and the legislature gave the store away to the pension fund CalPERS and the unions and it seems to claim that everyone agreed to it back in 1999 and that nobody saw the recession coming. But that's not true. Back then, there was significant public opposition to the giveaway, but the Democrats in charge ignored it and signed the bank over to the unions anyway, leading to the Governor getting recalled. It was the L.A. Times and other media cheerleaders who thought it was a good idea to give public employees the kind of pensions that require insanely huge investment returns to sustain, but you won't read that in this report. (Los Angeles Times)
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