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Oops: Only Morality Stands in the Way of Public Unions and Our Money

PresidentDon Wrote: Aug 12, 2012 7:15 PM
Many Californians, covered by Public Employees Retirement System, PERS paid in 7% plus employers matched 7% while working. PERS was funded by investments in Commercial Real Estate. Along came Governor Wilson who analyzed no use all that money sitting in the bank, so he borrowed $3 Billion to cover expenses. The state did eventually repay the money, minus interest of course. The average payout from PERS is 18 checks per retiree. In other word, most retiree's are dead after 18 months. Many were dedicated teachers in the Colleges, who worked unitil they were in their 70's because they loved teaching. The average PERS retiree receives about $25000/yr, Many of them were not covered by Social Security, so ripping off the citizens? NO
aknowles Wrote: Aug 19, 2012 3:29 PM
I see, So the people who loaned the money to repay the "borrowed" pension funds must lose their money while the pensions are paid. You are staying that the pensions were paid by the receipents we all understand, only a portion, or at least a portion, but the local governments are saying not so. Maybe, since the clamor for disclosures are so wide spread, the union agreements should be published on the web, in newspapers, and satisfy the misconception.

If you follow the rule in life to follow the money, the money trail increasingly is leading to a union pension, a union wage or a union contract. And it’s putting America’s cities out of business.

As more municipalities begin to eye bankruptcy proceedings as a way out of their financial mess, many believe that one great advantage of bankruptcy proceedings is that it will allow the nullification of fat union wages, pensions and other benefits that taxpayers in the private sector don’t get.

But if the example of Stockton, California serves as a guide, city officials would rather screw...

Related Tags: Unions Money Morality