Drudge Retort: The Other Side of the News
Tuesday, September 17, 2019

Growing retirement benefits and poor investment returns are at the heart of San Jose's ballooning pension obligations " which are projected to drain an average of $340 million a year from the general fund over the next decade As originally conceived, the city's pension funds were meant to be self-funding. Nevertheless, jurors estimate taxpayers will pay almost 80% of more than $4 billion over the next decade because the investment funds won't raise enough to cover the obligations. "Based on estimated pension payouts and the mandated annual COLA increases," according to the grand jury report, "San Jose retirement plans in the next 10 years will need to payout approximately $4.3 billion."

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Wasn't supposed to cost us a dime .... oh well what are you going to do ...

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At first I thought "San Jose State University?" The rot in higher education is worse than I thought.

This is what public employee unions deliver, which is why even FDR was opposed to them.

#1 | Posted by nullifidian at 2019-09-17 12:46 PM | Reply

remember when employees got to decide the terms of their compensation? of which a pension is part of?

looks like another "contract" being ---- on by the very same people who claimed you were in total control of your own compensation

#2 | Posted by ChiefTutMoses at 2019-09-17 01:19 PM | Reply

State and local pensions are a prime example of how elected officials screw the workers. They annually underfund the pensions to balance the annual budget and then when it becomes a crisis they demand cuts to pensions to fix it.

This is also the GOPs plan to save social security, cut benefits after stealing the money to give tax cuts.

#3 | Posted by Nixon at 2019-09-17 01:52 PM | Reply

This is what public employee unions deliver

It's what politicians too afraid to adequately tax their citizenry delivers. But no surprise you'd blame the worker, you old grouch.

#4 | Posted by JOE at 2019-09-17 02:00 PM | Reply | Newsworthy 1

Dumb Angry Joe doesn't know how public unions bribe politicians with campaign contributions to get lavish benefits. Then those politicians kick the can down the road so they don't have to raise taxes to pay for it.

#5 | Posted by nullifidian at 2019-09-17 02:38 PM | Reply | Newsworthy 1

#5 That certainly doesn't happen in all cases, but even if it did, it's funny that you'd absolve a politician for taking a bribe.

#6 | Posted by JOE at 2019-09-17 02:50 PM | Reply

"The pension nightmare for California's cities is getting scarier

The pension crisis goes back to then-Gov. Gray Davis [Democrat] and the [Democrat] Legislature, which in 1999 handed out far too generous pensions, particularly to police officers and firefighters. Senate Bill 400 caused a spike in pension costs that the state and local governments have been digging out from ever since."

#7 | Posted by nullifidian at 2019-09-17 02:50 PM | Reply | Funny: 1

funny that you'd absolve a politician for taking a bribe -slojoe.

No one absolves the politician, but we do know he's being held at gun point.

PUs will strike and disrupt services to get what they want. Rather than deal with upset constituents today, let some one else deal with them tomorrow.

It's easy to see it's the norm rather than the exception.

#8 | Posted by AndreaMackris at 2019-09-17 03:48 PM | Reply | Newsworthy 1

You know all those minority retirements of $100,000.00+/yr.

They messed it up for everybody.

#9 | Posted by fresno500 at 2019-09-17 04:07 PM | Reply

This is the first of many dominoes to fall for major cities' underfunded pension liabilitis, almost all of which are brought to you by the Democratic Party and their Union Overlords.

#10 | Posted by Rightocenter at 2019-09-17 05:03 PM | Reply

What a shame. Hard working blue collar families worked 30+ years believing the promise that they were going to be taken care of.

Trying to blame this on anyone but democrats is just another lie.

#11 | Posted by SheepleSchism at 2019-09-17 09:00 PM | Reply | Funny: 1

No problem, just pay the pensions from veteran pension funds.

#12 | Posted by bored at 2019-09-19 11:49 PM | Reply

"No one absolves the politician, but we do know he's being held at gun point."

~The apologist's view after signing a contract.

" almost all of which are brought to you by the Democratic Party and their Union Overlords."

Scott Walker from FoxComm on line one for you.

#13 | Posted by Danforth at 2019-09-20 11:12 AM | Reply

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