This column by former San Diego City Councilman Carl DeMaio appears on the Wall Street Journal Editorial Page today… Worth a read…
REVOKING THE FEDERAL FREE PASS ON PENSIONS
Congress can help fix the irresponsible fiscal promises of state and local governments
By Carl DeMaio
As if fiscal cliffs and debt ceilings weren’t exciting enough, Congress today is ignoring a gathering financial tsunami—the unaffordable pension promises of state and local governments.
Consider California, where just 10 individual pensioners will cash $50 million in pension checks from state and local governments over the next 25 years. Already some 30,000 retired California government employees pull in pensions higher than $100,000 a year. One retired librarian in San Diego receives a $234,000 annual pension. Beach lifeguards in Orange County are retiring at age 51 with $108,000 annual pensions plus health-care benefits.… Read More