News

The Berkeley Wire: 11.14.12

Print Friendly
Tagged
  • bgal4

    Oakland Tribune  
    11/10/2012
    Daniel Borenstein: Local candidates shockingly ignorant of pension costs

    Berkeley’s
    retirement programs for city workers are $570 million underfunded, a
    debt that works out to about $5,000 for each city resident. In Oakland,
    the $2.2 billion shortfall equals about $5,500 per resident. Richmond’s
    $539 million averages $5,100 per resident.These sums should
    shock taxpayers. We’re passing debt onto future generations. While those
    cities rank among the most heavily burdened in the East Bay, other
    local governments also face long-term financial struggles exacerbated by
    huge unfunded liabilities.Unfortunately, two months of
    interviews leading up to Tuesday’s balloting for local offices in Contra
    Costa and Alameda counties revealed that most incumbents and
    challengers did not understand the problem.Almost none knew the
    size of retirement debts for the agencies they hoped to govern. The
    majority had no understanding of what an unfunded liability was, and few
    understood the implications. It was scary.read morehttp://www.insidebayarea.com/news/ci_21965684/daniel-borenstein-local-candidates-shockingly-ignorant-pension-costs

  • EBGuy

     I didn’t make it out for Trick or Treating with the kids this year, but my one idea was to put a $5,000 sign on my hat.  What’s that you ask?  Boo!  Trick (let’s fill another pool with mud) or Treat (how about another parcel tax).

  • bgal4

     Funny.

    I posted this because residents such as Tor Berg often commented suggesting  fiscal responsibility is a tea party value.

    No thanks. I have never paid a single cent in credit card interest, neither did my parents, nor have my kids. We pay as we go, and do without what we cannot afford.

    I am so happy Elizabeth Warren was elected. She will provide new leadership. California and Berkeley have too many progressive hypocrites in leadership, not grounded in reality.