You will want to watch this video!
This mobile billboard is showing up at each debate and gathering, and is driving around town the rest of the time. Prop D proponents are not pleased!
Is our city insane? More and more, our local media seem to think so. Watch the reporter become more and more preturbed with the city pensions as this TV segment goes on — and rightly so.
Prop D — the sales tax increase — essentially is needed to allow the continuation of this madness. I think the passage of Prop D is looking more and more doubtful to Mayor Sanders and his labor union sycophant city council cohorts.
BTW, the other "major pension" mentioned in the video is the city’s defined contribution SPSP plan — available to all "general" city employees (all but police and fire fighters) until recently. For decades, this 401k-type pension let city employees contribute (and deduct) between 3% and 7.5% of their salary, and get a FULL, 100% match from the taxpayer — better than 90% of the 401k plans in America. And this is an EXTRA city pension — not the MAIN city defined benefit pension we hear so much about.
I would guess that this librarian’s SPSP account — which has by now doubtless been rolled over into her personal IRA, is probably worth well over a half million dollars — and more likely closer to a million dollars.