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.
This is a horror story in itself. The following are some of the salaries that public employees received in 1910, in my little town, not counting future pensions and other fringe benefits. My town is also asking for 4% increase in the budget for this year. I say stop the spending and Decrease the budget, us in the dreaded private sector are working more for less money.
Job Title Total wages difference from 2010
Sergeant $185,922. + $25,231.
Town Manager $ 184,432. + 13,782.
Patrol Officer 181,026. + 12,152.
Patrol Officer 167,071. + 27,949.
Superintendent 156,352. + 2,486.
Asst Sup. HS Prin. 147,149. + 13,782.
These are just the top of the 15 highest paid in town which most are police officers. We in the private have no more money to pay for the public. Let's go to a merit system??????????????