>As for pensions, you say unsustainable promises, I say stealing from people who took cash later instead of cash immediately.
This is really an accounting problem. In California, at least, changes to the pension system weren't reflected in the current budget as future obligations.
So for many years city and state controllers dealt with union demands by "off the books borrowing" in the form of more lavish pensions. City and state pensions really are unnecessarily lavish, and the reason is voters never realized what obligations they were being asked to shoulder.
This is really an accounting problem. In California, at least, changes to the pension system weren't reflected in the current budget as future obligations.
So for many years city and state controllers dealt with union demands by "off the books borrowing" in the form of more lavish pensions. City and state pensions really are unnecessarily lavish, and the reason is voters never realized what obligations they were being asked to shoulder.