Forum Post: It's Time For Pension Reform...
Posted 12 years ago on June 9, 2012, 9:14 p.m. EST by commonsensefolks
(-55)
This content is user submitted and not an official statement
There have been way too many promises. Time for a little reality (math style):
"In San Diego, the city's payments to its retirement fund soared from $43 million in 1999 to $231.2 million this year, equal to 20 percent of the operating budget. At the same time, the 1.3 million residents saw roads deteriorate and libraries cut hours. For a while, fire stations had to share engines and trucks. The city has cut its workforce 14 percent since 2005.
San Jose's pension payments jumped from $73 million in 2001 to $245 million this year, or 27 percent of its operating budget. Four libraries and a police station that were built over the past decade have never even opened because the city cannot afford to operate them. The city of 960,000 cut its workforce 27 percent over the past 10 years."
Read the Rules