San Francisco’s Insane Pension Plans

There’s no other word for this but madness.

Via SF Weekly:

“Infinite” is not a word you expect to find in a report on municipal spending. It’s more of a science fiction–type term — Tremble, Earthling, before the infinite might of Galaxor! But there it was, in a recent report on San Francisco‘s finances: Spending on the city’s employee retirement system in the past decade had grown at an “infinite” rate.

Naturally, that’s an exaggeration. If you do the math, the city’s retirement costs for employees in the past 10 years actually grew only 66,733 percent.

Still, you might call that a Galaxor-sized number.

In fiscal year 1999-2000, the city spent about $300,000 on its retirement system. In fiscal year 2009-10, it was $200.5 million. Benefits alone — not salaries, just benefits — for current and retired employees this year are budgeted at $993 million. Spending on retirees’ health care and pensions is conservatively projected to triple within five years.

Read the entire article and you will find out that the entire Democratic establishment as well as the unions are vehemently opposing a modest attempt to curb this financial suicide.

Can we at least agree that San Francisco gets no federal bailout when this train wreck they’ve created occurs?

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