Every time I post about public unions a host of you jump on the “killing the middle class” bandwagon, but it is clear the San Diego Pension Managers apart from violating State and Federal law by failing to fund their pensions when benefits were increased have gambled away the bulk of the money on bad investments.
Pensions were clearly a way of hiring employees and paying less than market to begin with with the promise of “riches” later. A VERY expensive loan indeed, and a loan which is due and payable in full and more.
I can not see a viable end to this problem short of a new and even bigger real estate bubble in the very near future!!!
