“The so-called Plan of Adjustment is based on the passage of Measure A, a Nov. 5 sales-tax-increase measure that is being sold to residents as a means to assure that sufficient police officers are on the street. If voters say “yes,” the restructuring numbers work out. Officials elsewhere will get the message: Just raise taxes after the spending spree hits the fan.”
—Steven Greenhut, in a San Diego Union-Times column.
Like most conservatives, Greenhut views Stockton’s bankruptcy primarily as an opportunity to scalp the state public employee pension system, CalPERS. But he views it ideologically. Only that can explain how he can say in one breath that the city eliminated free lifetime medical for retirees and spouses then add with the next breath ”but there has been no reckoning.”
It’s as if he can’t wrap his head around what a vast benefit free lifetime medical was for retirees.
Stockton’s bankruptcy is about putting Stockton’s fiscal house in order, not other municipalities. Stockton is out from under $2 billion in debt between now and 2030. That’ll do quite nicely. Conservatives who want pension reform can support the ballot measure the mayor of San Jose aims to put before voters in 2014. I’ll be voting for it, for sure.