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We Are A Stone. There Is No Blood To Be Had
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Several years ago, the then-Governor of California, Gray Davis, and the Democrat-controlled legislature cut a deal with the state employees' pension fund, CalPERS, that a) gave the state workers the most lucrative pension possible, b) assumed unending spectacular investment returns (like assuming that the market would increase manyfold in a short time), and c) putting the state -- taxpayers, that is -- on the hook to make up the difference in the "unlikely" event that the union's investments ever went down. Well, they went down, of course, and now the union wants taxpayers to make up for their investment losses. They know this is going to be a bad publicity move, so they may wait a year to demand the money, but they will demand the money. And, as a result, the state will either have to tax everyone to the point of taking most of their income, or will have to cut out practically every service and department it has. When will the politicians and unions and courts realize that there IS NO MONEY FOR THIS? The law makes the state, and taxpayers, responsible for whatever the unions want; the law has to change.
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