flu – this is going to be hard to believe, but I know average cops that did not get a COL increase all through the bubble, and unlike Acosta, did not buy a house b/c they could not afford it w/out a liar loan.
The City negotiated to not give raises, but in lieu, contribute more to their pensions. Something the City never did and are now litigating and trying to get out of doing.
And while many people were making bank during the bubble years in their jobs, these cops continued w/their same pay rate the entire time. And since their hours generally are crap, they didn’t become part time realtors so they can make extra money.
Many of them just stuck it out b/c in their head they’re thinking slow and steady wins the race and when they retire, they will have something to fall back on. Now that may not happen.
But when I think about some of the realtors, mortgage brokers, appraisers, etc, etc and the vast amount of money they made during the bubble years for the minimal amount of work performed, I assure you that hindsight, I would have told those cops to quit their job for greener pastures, particularly if come retirement they will not have what was promised to them.
I guess everyone has their time in the sun. During the dot-com bubble, my cousin was making money hand over fist. Now those jobs are overseas and he is getting by, wishing he didn’t blow it all foolishly.
It is not the cops and firemen’s fault if the City decided to spend the money on a stadium or invest in real estate foolishly, CDOs or whatever else the City risked it on. Yet they are/will be punished for this. And b/c of the City’s financial mismanagement, they will try to suck more money out of the taxpayers any way they can. And if they can’t, they will not hesitate to cut services.
So what happens during the good times is the City takes risks w/the pension of its workers. Then in the bad times, wants to stick it to the workers. During the good times, no ones cares what promises are made. During the bad times, everyone is outraged.
During the good times, everyone thinks it will last forever and no one wants to save for a rainy day, including cities. So now the rainy days are here and everyone wants to take it away from the worker bees.
This is just so typical, I frankly don’t know how someone is willing to agree to such terms.
And I can understand the outrage, b/c I was certainly outraged when CEOs got bonuses during a financial crisis that taxpayers footed the bill for. What was the justification/explanation. It was a contract that was entered into/agreed upon, thus those bonuses must be honored.
The city workers entered into a contract and honored their part. Doesn’t the city have a duty to fulfill the contract?
During the good times the city basically told the workers, “I’ll pay you Tuesday for a hamburger today.” And the workers were dumb enough to agree. Here it is Tuesday and the city is broke.
That worked out.
Meanwhile, many people made money during the bubble years, spent it lavishly, buying multiple houses, HELOCs for new cars and trips, etc etc. Now living for free. While the city workers are stuck w/basically an IOU that may not materialize.
And during the good times people could have done whatever they wanted w/the money they were making, saving for the future, investing for their retirement. The city workers did not have that option. Their money is “invested” in their pension.
