Told You So
Here’s the word of the day that you won’t hear anywhere near Washington, D.C. ,or Sacramento for that matter….“unsustainable“. There, now I’ve said it. The word’s out, no taking it back.
You would probably like to know how I discovered this word. Well, to make a long story short, I heard it from my wife (a financial advisor) about 2 years ago, when she described to me the meaning of, “Defined Benefit Pension Plan”. It was put into the context of the reason why the State of California, her counties and her cities were all going bankrupt. To be more specific, it was about when Vallejo, Ca. was planning bankruptcy.
You see, these “Plans” began when Public Employee Union goons figured out that they could extort criminally exorbitant benefits from negotiators who represented taxpayers in employee “collective bargaining” sessions. (Ah, collective bargaining. Sounds so sweet doesn’t it?)
Collective Bargaining is the moral equivalent of making a condemned man chose between the gas chamber, the electric chair, firing squad or the noose. No matter what, the outcome is the same. Seems that those highly educated, shingle packing, pencil pushing economists missed that day in class when the lesson was about, combining an exploding retirement class, a lowered retirement age, a double dipping employment epidemic and an economic downturn…together.
Yeah, we’re figuring it out now. Right? But we’re figuring it out with a platoon of Harvard lawyers reminding us that these people now have “contracts”. Unbreakable. Unbendable. Never ending. Pay up or get sued!!
Well, Public Employee unions have done something that no other entity has ever done. And they have done it with conviction. They have forced many very intelligent people to consider having the State of California secede from the Union. They are considering it because by statute California cannot go bankrupt, so the only other alternative is to return to a Territory to eliminate these “unsustainable” benefits.
Now that’s a lesson in civics. I told you so, Bruce Ross.