Union Battle Reform in GOP Stronghold
California, sinking amidst a structural $19 billion deficit and facing as much as one-half-trillion-dollars in pension debt, is paying the price for years of legislators giving away the store to public employee unions.
by Steven Greenhut at Big Government
“Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction,” said German psychologist Erich Fromm. Whatever greed does to one’s psyche, it does even worse things to public budgets. California, sinking amidst a structural $19 billion deficit and facing as much as one-half-trillion-dollars in pension debt, is paying the price for years of legislators giving away the store to public employee unions.
Yet even as unlikely sources (former Assembly Speaker Willie Brown, Treasurer Bill Lockyer and California Public Employees’ Retirement System chief actuary Ron Seeling) recognize the grave threat outrageous pension deals pose to the state’s long-term fiscal health, the state’s unions and Democratic leaders continue to operate as if there is no problem. The public seems increasingly agitated by the injustice of a situation that requires private sector workers to work late into life to pay the higher taxes needed so that public sector workers can retire in their early 50s with six-figure, cost-of-living-adjusted deals. But to the politicians, the unions still rule.
FULL STORY
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