Public employee pensions are turning California municipalities into Detroit. So reform is urgently needed. To critics who say Stockton could do it solo in bankruptcy court, city leaders respond that it must be done at the state level.
Gov. Brown gave it a half-hearted try earlier this year with the California Public Employees’ Pension Reform Act. Labor unions limited the changes to modest reforms.
So this initiative is the public’s big chance. It’s not unfair to labor, either. It kicks in only if a city is heading for the cliff. As Stockton public employees learned, if the city goes bankrupt the cuts labor suffers are much more draconian.
Here’s today’s column on the new pension reform initiative.
Here’s the entire ballot initiative language.
Here’s the cover letter the proponents sent the Attorney General.
Here, for balance, is a contrarian article from the SF Chronicle.
Here’s San Jose Mayor Chuck Reed’s pension reform speech at the Hoover Institution.
Bone up on this. And support it, because the public employee unions are going to fight it hammer and tong in their ongoing effort to transfer the public treasury to themselves.