Today’s Commentary: Monsters Under The Bridge
After years of effort and prodding from Supervisors Roberta MacGlashan and Susan Peters (and a looming budget shortfall) the Sacramento County Board of Supervisors finally tackled a multi-million dollar budget problem by eliminating costly “extra” benefits for future retirees.
It’s a start — but it’s not the only budget busting pension issue: Sacramento County has nearly $950 Million in pension obligation bonds that have to be serviced from the General Fund – at the same time they’re facing significant budget cuts.
The scary thing is, Sacramento is not alone – all across California, bloated and under-funded (how did they manage to do both?) pensions have spawned a financial monster; and with few exceptions, no one is dealing with it. Public employee retiree pensions and benefits threaten to swamp already stretched budgets – throwing taxpayers into a fiscal nightmare. It’s the monster under the bridge everyone tries to… Read More