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