3 ms·
At some point CalPERS and the city of El Monte aren't going to be able to cover the costs of the defined benefits pension packages - there will literally be no
by otoburb 10y ago
At some point CalPERS and the city of El Monte aren't going to be able to cover the costs of the defined benefits pension packages - there will literally be no money left to fund the ongoing costs especially given the demographics listed in the article.
Presumably some hard decisions will need to be made in the coming years. Given that "El Monte has more than twice as many [municipal civil servant] retirees drawing pensions as it does active employees" any attempts to legislate changes will be met with fierce political opposition until it's too late.
- toomuchtodo 10y agoAs long as California or the federal government has taxing authority, there will always be money. Just because you don't like how the current system is set up, doesn't make it not so.
- crdoconnor 10y agoRepeal prop 13 and start redirecting the tsunami of unearned income away from landowners in California and towards the state budget and CalPERs could quite easily be made sustainable again.
- cloakandswagger 10y agoWhy does every suggestion of yours involve stealing money from someone else to keep pensions on life support a little longer?
- jacalata 10y agoPresumably they think pensions should be funded and aren't stupid enough to think the money can just be invented from nowhere for it.
- deleted 10y ago[deleted]
- crdoconnor 10y agohttps://en.wikipedia.org/wiki/Georgism https://en.wikipedia.org/wiki/Georgism