Monday, February 28, 2011

Another Oakland Pension Update

Apparently Mayor Jean Qunt (pronounced as it's spelt) disagrees with the actuaries who say that Oakland's 1976 crop of retirees will live for some time yet.

Now, far be it for me to argue with a Qunt, but I suspect the actuaries are actually fairly good at their task. Yes, it's amazing that so much money is owed to a set of people who are all in their 70s and above. But, that's the obligation Oakland undertook.

Tuesday, February 22, 2011

More Oakland Pension Nonsense

I noticed none of the local bloggers seemed to care about this story in the Chroncle about Oakland's legacy pension issue.

To refresh your memory, these pensions apply only to workers hired before 1976, so all but one of thousand or so people are just collecting nowadays. So, as usual, the taxpayers are the bagholders for a former liberal scheme.

This particular pension balloon is notable in that:

  1. it is the reason why Oakland homeowners are bilked a 1.4 percent property tax charge instead of the more normal 1.2 percent.

  2. It is probably the thing that will make Oakland go bankrupt in the end.

Stay tuned. This pension is just part of the overall shell game. The bigger part is the 3-and-50 game that our current employees and their union squeezed out of the system.

If only there were some people in California willing to move in the direction Wisconsin and Indiana are headed.