Oakland has a generous pension plan. The 1,086 current retires, get raises to match 2/3 of pay of current workers, ++ Oakland has now closed this plan to new employees, and passed a parcel tax, of course too little, too late !
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.