The Salary and pensions which were exposed in the small city of Bell is only the tip of a fiscal disaster. I always thought my taxes were going to schools, roads and to city workers who are actually working, not to someone’s ludicrous pension. The pension plans for government employees in the the State of California is way out of balance and very disconcerting. The out of control pension gravy train inspired this sketch.
An LA Times headline today Reads:
L.A. pensions may consume a third of city’s general fund by 2015
The cost of retirement benefits for Los Angeles city employees will grow by $800 million over the next five years, dramatically eroding the amount of money available for public services to taxpayers, according to a report issued Tuesday.
In a bleak assessment delivered to members of the City Council, City Administrative Officer Miguel Santana said pensions and health benefits for current and future retirees would jump from $1.4 billion next year to at least $2.2 billion in 2015.
“For every dollar you’re paying into your pension systems, you’re not paying into libraries, parks and various other city services,” Santana told the council.
By David Zahniser, Los Angeles Times