Article

2010-02-16 Economy

LA mulling over major spending, job cuts

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Posted by Fred 2010-02-16 00:00|| || Front Page|| [1 views ] Top

#1 Typical public employee unions that don't understand the difference between a public and a private job's effect on the economy.

How many of those jobs are in the $80 - $100k range?

Posted by AlanC 2010-02-16 08:23|| 2010-02-16 08:23|| Front Page Top

#2 How many retired city employees claimed disability and are drawing 90% of pay?

Posted by GolfBravoUSMC 2010-02-16 10:44|| 2010-02-16 10:44|| Front Page Top

Posted by GolfBravoUSMC 2010-02-16 10:55|| 2010-02-16 10:55|| Front Page Top

#4 What the gov't unemployment numbers do not show:

Social Security inundated by new disability claims

As the worst recession since the Great Depression appears to be ending, the Social Security Administration grapples with an unprecedented flood of disability applications due to aging baby-boomers and heavy job losses.

Pending claims are expected to jump 70 percent this year, said Dan Allsup, spokesman for Illinois-based Allsup Inc., which represents people applying for disability payments.

Link

Posted by Besoeker 2010-02-16 11:04|| 2010-02-16 11:04|| Front Page Top

#5 Public Employees Pensions, the straw that is breaking California's financial back?

CRAIG BOWEN'S SALARY during his final year as chief of the San Ramon Valley Fire Protection District was about $221,000 a year. So how did he end up retiring in December with a tax-advantaged annual pension of $284,000?

The answer provides an amazing case study that highlights problems with public employee compensation and reveals tricks that allow workers to spike their pensions at the expense of their fellow employees and taxpayers.

The Bowen story has some similarities to the case I examined last month of Peter Nowicki, the chief of the Moraga Orinda Fire District who was able to turn his $185,000 annual salary into a $241,000 yearly pension. While each public agency has different rules that provide new ways to take advantage of retirement systems, many of the lessons can be applied across the board.

In Bowen's case, residents of the fire district serving Danville, San Ramon, Alamo, Blackhawk and Diablo should pay close attention because they got shafted. The San Ramon district's flawed compensation system and generous rules for pension calculations allowed Bowen to increase his starting pension from about $193,000 to $284,000 a year a 47 percent increase. The pension will be increased in future years for inflation.

Bowen was only 51 years old when he retired at the end of 2008. If he or his wife lives another 30 years, that bump-up alone would add $2.7 million in today's dollars to his

pension. His total retirement payout for the next 30 years would be worth about $8.5 million in today's dollars far more than most taxpayers have in their 401(k)s when they hit the half-century mark.

MORE AT LINK

Posted by GolfBravoUSMC 2010-02-16 11:09|| 2010-02-16 11:09|| Front Page Top

#6 Yajusthadtotopme didn't ya GB. Yajusthadto! Whahahaha

Posted by Besoeker 2010-02-16 11:12|| 2010-02-16 11:12|| Front Page Top

#7 Besoeker

I look at it as team effort to enlighten and empower our friends.

BTW I live in that Fire District, you can tell by the shaft protruding from between my shoulder blades.

Posted by GolfBravoUSMC 2010-02-16 11:24|| 2010-02-16 11:24|| Front Page Top

#8 You know GB, the real pisser is an annual pension of $284,000 is roughly ten times that of a retired GySgt with over 25 years of service. Now I ask you, who has faced more risk and hardship during their career? Just my two cents worth.

Posted by Besoeker 2010-02-16 11:51|| 2010-02-16 11:51|| Front Page Top

#9 Those spiking pensions then take early retirement, "saving" jobs and easing Obama's unemployment figures on paper. Sadly, the same problem is plagueing many cities and states across the nation.

Posted by Lumpy Elmoluck5091 2010-02-16 12:58|| 2010-02-16 12:58|| Front Page Top

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