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Do the people who run San Fran have an IQ or common sense?
"After months of delays, the San Francisco controller's office announced Thursday that it expected the city to pay $4.4 billion to provide municipal retirees and their dependents with lifetime health benefits.
The city has set aside $9.7 million to cover the costs.
The estimate of San Francisco's unmet health care liability has been closely watched by ratings agencies, labor unions and other groups concerned about the city's long-term finances. Moody's Investors Service downgraded San Francisco's debt rating in November, citing the enormous retiree health-care obligations, among other factors."
The $9.7 million is not even a spit in the bucket toward the $4.4 billion needed. What are they thinking?
At some point the system will collapse, go into default, without bailouts, those who have paid bribes for years to unions (so they are allowed to work) will find themselves on welfare instead of receiving full pensions. Of course, if you paid bribes, maybe that would be the right outcome--unions killing your retirement in change for the 30 years of receiving your bribes.
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"After months of delays, the San Francisco controller's office announced Thursday that it expected the city to pay $4.4 billion to provide municipal retirees and their dependents with lifetime health benefits.
The city has set aside $9.7 million to cover the costs.
The estimate of San Francisco's unmet health care liability has been closely watched by ratings agencies, labor unions and other groups concerned about the city's long-term finances. Moody's Investors Service downgraded San Francisco's debt rating in November, citing the enormous retiree health-care obligations, among other factors."
The $9.7 million is not even a spit in the bucket toward the $4.4 billion needed. What are they thinking?
At some point the system will collapse, go into default, without bailouts, those who have paid bribes for years to unions (so they are allowed to work) will find themselves on welfare instead of receiving full pensions. Of course, if you paid bribes, maybe that would be the right outcome--unions killing your retirement in change for the 30 years of receiving your bribes.
More...