Via California Pension Reform, sent to them by a reader. It’s scathing, darkly funny, and sure to infuriate many.
Gov. Arnold Schwarzenegger has vowed not to sign California’s budget unless it includes pension reform. “It doesn’t matter how long it drags—into the summer or fall or into November or after my administration—and I think the people will support that”
The battle has been pitched, and now it’s come to this: A video where the union boss is portrayed as an out-of-control Hitler, essentially calling for the blood of taxpayers if that’s what it takes to finance his big fat pension.
California can no longer afford its public pension payments. It’s that simple. This is made worse by the law mandating that if the public pension funds are short money, they can force the state and municipalities to make up the difference.
CalPERS wants another $700 million from the state. This when the state is facing a $19 billion deficit.
Maybe competent, risk-averse people should head the public pension funds rather than the money-losing dimbulbs who run them now? One CalPERS investment in exceedingly risky NY City apartments lost their pensioners one billion dollars (yes, one billion). That “investment” should never have been made in the first place, IMO.