Oakland's Pensions time bomb
Original post made by Anti-PUBLIC unions on Jul 29, 2012
Oakland can't meet it's obligations, so last month, the majority of Oakland City COuncil, at the urging of Mayor Quan, voted to borrow money once again to cover their pension bill----$210 million in new pension BONDS that will cost $105 million in INTEREST over the next 14 years.. That way, the loan will allow the city to avoid paying for the pensions from the 'general fund. The next generation has no chance. This latest crisis of IRRESPONSIBILITY looks like an inevitable bankruptcy in the not too distant future.
As an Alameda County neighbor, I can't help but think of Germany and irresponsible Greece.
As an Alameda County taxpayer, as well as the state of California, I say it is time all municipalities in this state put all public union contracts on ballots for a vote of taxpayers in each local juristiction. It is only logical and responsibile to have approval of the taxpaying employers. We should vote.
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