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California’s $100,000 Club’s Explosive Growth

Posted by Larry Doyle on June 2, 2011 8:15 AM |

While many clubs in our nation continue to suffer from declining membership rolls, there is one “club” experiencing explosive growth. What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance into this club is effectively a circuitous system of ‘payoffs’ and ‘kickbacks’ with the ultimate costs borne by average American citizens.

What club is this? 

Sense on Cents designates this California’s $100,000 Club and we get to take a harder look at the growth of this exclusive enclave thanks to the Sacramento Bee, which highlights Six-Figure Pensions Growing Fast,

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While California’s $100,000 Club gains the greatest degree of attention, rest assured that there are similar clubs and organizations in each and every state in our union.

What do you think about these clubs? Me thinks that my children and your children are being stuck with bills and burdens which are inherently un-American. I am all for fair and equitable treatment of those who have provided real public service. I have little interest in providing massive lifelong payoffs to those who gamed the system and the politicians who benefited in the process.

Let’s shut these clubs down, throw out the bums who cut these deals, and renegotiate the terms by which they opened in the first place!!

Larry Doyle

Sense on Cents Related Commentary
Sense on Cents/California

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

 

  • fred

    LD, tell us how you really feel! Pension reform is long overdue when it comes to taxpayer liability going foreward.

    Public employee compensation got way out of line during the “debt binge” era.

    Base line compensation used in pension calculations needs to be reevaluated for all public employees and recipients of substantial taxpayer support.

    1. Start with a CPI based COLA adjustment back to 1980.
    2. Throw out late career promotional adjustments to salary(within 5 years of retirement).






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