San Jose’s pension funds have lost almost $1 billion dollars since the stock market collapsed, according to the San Jose Mercury News. Now the City of San Jose has to come up with money to replace those lost dollars, so that employee pensions and health care can be paid.
I wonder how much money the Santa Ana employee pension funds have lost? Or the County of Orange pension funds? How deep a hole are the public employee unions digging for us with their insatiable appetites for more benefits and higher pensions?
To make matters worse, San Jose’s pension funds performed worse than other, similar funds.
Who will bailout the taxpayers when we have to bail out these pension funds? And will our city and county governments be able to govern when there is no money left?
The beauty of a “City” pension is that although the value of the investment goes down, the “City” must continue to pay retiree pensions.
Where will this money come from? THE TAXPAYER!
There is no place to hide. All Santa Ana Residents it is time to pack your bags and move to a financially secure city. The time has come to get out.