Finally, even The Tribune is printing articles about one of California’s biggest problems: the unfunded liabilities of the the public retirement pension system. If you wonder why there are everincreasing fees and tax increases, look no further than the huge salaries and benefits promised to public employees that eat up the bulk of all the budgets. This is only the tip of the iceberg, because more and more high-paid “public servants ” are retiring, and retiring younger, which will add to the everincreasing debt, which is totally unsustainable.
Forty years ago, people went to work for the public sector for security and benefits, but made less than the private sector. Now thanks to unions, the public sector often makes more than the private sector for the same jobs, and their benefits are off the charts.
Whoever said it made sense for someone to retire in their 50s?
The real class warfare in California is the public sector vs. the private sector, where the shrinking incomes of the private sector are expected to continue to fund the salaries and benefits of state employees, who are retiring with nice pensions, while private-sector workers continue to work longer and longer.