There are a few places in the Bay where police benefits alone represent half the budget. As some point, tax payers will realize they’ve been had, big time
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Which places are those?
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Pensions were a commitment so they will get paid. But residents will grin and pay them. But that’s a far reach excuse to support selling our soul and culture to an over-concentration of Tech. The social destruction is not worth it.
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If it gets bad, no, they won’t get paid https://www.reuters.com/article/us-detroit-bankruptcy-pensions/detroit-defeats-pensioners-appeal-over-bankruptcy-cuts-idUSKCN12322F …
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SJ was hurt by loss of retail sales tax dollars to surrounding cities and internet sales; as well as limited b2b revenue due to high concentration of mostly single-family residential and legacy costs of wide roads.
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I got dissed on ND the other night for only being in SF since 89 and missing the really good vibe when I commented on 6th being shut-down to single lane killing Hills access to 280 and negating the part of my consulting that involves Valley VCs and City NewCo's -- is brutal...
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Of all the curses a city could be afflicted with, "economic boom" is hardly the worst.
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Note the “adjust for real life expectancy”. The pension problem isn’t just on the asset side. The actual liabilities are likely understated as well.
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Is pension debt in CA, like in IL, almost entirely the result of deliberate underpayment and falling expected returns?
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“The League of California Cities reported most members expect pension costs to jump by at least 50% by 2024-25. Pension payments – now about 11% of general fund budgets on average – will eat up about 16% by then.” https://www.google.com/amp/amp.sacbee.com/opinion/editorials/article199693069.html …
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Pensions should be illegal
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