09202014Sat
Last updateThu, 18 Sep 2014 12pm
MrBeer Home Brewing Kits - Make a great gift!  Free shipping on select kits throught Christmas.
20% off at the mental_floss store with the code AFF20

News

SETTING

OP/ED

SETTING

Boomers vs. Millennials

Boomers vs. Millennials

There have been countless recent articles analyzing the millennial generation an...

Business

SETTING

U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

( Wall Street Journal ) Banks are lending to companies and individuals at the fast...

Greedy Unions Raid Pensions, Then Blame Wall Street

IBD Editorial:

Reports from a variety of media reveal California state employees are spiking their pensions to stratospheric levels, leaving nothing for their brother employees. Sorry, can't blame Wall Street for this one.

In a laudable instance of the mainstream media doing its job, the Los Angeles Times, the Sacramento Bee, Bloomberg News and City Journal have all exposed "pension spiking" by California public employees. Basically, they manipulate rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years.

The Los Angeles Times on Saturday pieced together tough-to-get data from Kern and Ventura counties and found a fiscal horror story: In Kern, 77% of public employees with pensions greater than $100,000 actually get more than they did during their working lives.

In Ventura, the figure is 84%. Kern has a $761 million pension shortfall, in part due to the practice.

Both the practice and the lack of transparency are signs of a rotten system. Bigger counties like San Diego and Los Angeles also permit pension spiking.

But L.A. asked the Times to fork over $63,000 for "research" or they won't reveal a thing. Seems it doesn't bother these bureaucrats to pay out the spiked cash, but knowing how much it is is too much of a bother.

That "not my job, mac" mentality brings to mind that California, according to City Journal, is ruled by a triumvirate of public employee unions — the California Teachers' Association, the public safety unions and the Service Employees International Unions — all of whom pay politicians off to let them spike their salaries. ... continues...

BLOG COMMENTS POWERED BY DISQUS
" The Constitution shall never be construed... to prevent the people of the United States who are peaceable citizens from keeping their own arms. "

—Samuel Adams

Please consider contributing, if only a couple of bucks, the cost of countering the liberal media is arduous and costly.

  

Recommended Reading...

Auto Parts Warehouse
mental_floss store