Friday, November 05, 2010

Labor Wins Big In San Francisco.

Unfunded public sector pension liabilities threaten the solvency of states and municipalities. The question is: Who is going to pay to close the shortfall? Proposition B in San Francisco asked that public sector employees contribute more towards their pensions. It was roundly defeated by a margin of 57%-43%. The battle between public sector pensioners and taxpayers is just a skirmish now. It will escalate rapidly.