Tuesday, February 21, 2017

The corruption uncovered

Dallas Observer: Up until now, the Dallas police and fire pension issue has been a complicated arcane financial tangle involving a lot of issues most of us are not all that good at grasping. It’s not my wheelhouse. I went for a long time in life thinking the term, actuarial, meant real, as in, “She’s not my actuarial aunt.”In this matter, in spite of having the best of intentions, some people on the board of the fund have had to take tough unpopular votes, as in shutting down certain kinds of lump-sum withdrawals to stave off sudden death syndrome for the fund. Ducks had to be lined up and emergency precautions taken before the rest of us out here in the public could even see what the question was.Yesterday’s vote puts it squarely. Do we, the taxpayers of Dallas, have a moral duty to provide our police and firefighters with the decent secure retirement pay they thought was promised and guaranteed to them when they took their jobs and while they did those jobs? Or not?
Dallas voters finally figured out that Little Bush and the 9/11 stimulus plans in 2001 did not include a permanent promise of lush pensions for cops.   But unfortunately we ate not done.  We will discover that the Bush education stimulus plans also resulted in excessive teacher pension promises.  We will discover that the Obamacare stimulus over promised medical worker pensions. 

Then we discover that the union deliberately lied, a conspiracy, and most of those promises result in bond defaults. The Kanosians will claim innocence because their expectations theory involves subversion.

No comments: