"The Stockton Syndrome" Underfunded Pensions

California laws granting immense union monopoly power to union officials is creating cracks, fissures, and collapse across the state.  One manifestation of the growing problem is a pension crisis coming to a head as the city of Stockton faces pending bankruptcy. The Investor Business Daily notes: As one California city slogs toward bankruptcy, others may soon try to avoid the same fate by passing pension reforms — that is, if a pro-union state government will let them. The financial problems plaguing many of the nation's [Big Labor Boss-run] cities are taking a particularly heavy toll on Stockton, Calif., a blue-collar port city that struggles even in good times. Stockton is also a cautionary tale on how not to run a city. It seems to have committed just about every fiscal sin known to local government.In those infrequent years when things were good, it spent (and promised) like there was no tomorrow. Now tomorrow has come, and the city is broke. Its spiffy sports arena and its new $35 million high-rise city hall won't help it pay its debt. That debt includes, but is not limited to, a $400 million liability for its retirees' health care. It also has had to cut its police force by almost a third.
"The Stockton Syndrome" Underfunded Pensions

"The Stockton Syndrome" Underfunded Pensions

California laws granting immense union monopoly power to union officials is creating cracks, fissures, and collapse across the state.  One manifestation of the growing problem is a pension crisis coming to a head as the city of Stockton faces pending bankruptcy. The Investor Business Daily notes: As one California city slogs toward bankruptcy, others may soon try to avoid the same fate by passing pension reforms — that is, if a pro-union state government will let them. The financial problems plaguing many of the nation's [Big Labor Boss-run] cities are taking a particularly heavy toll on Stockton, Calif., a blue-collar port city that struggles even in good times. Stockton is also a cautionary tale on how not to run a city. It seems to have committed just about every fiscal sin known to local government.In those infrequent years when things were good, it spent (and promised) like there was no tomorrow. Now tomorrow has come, and the city is broke. Its spiffy sports arena and its new $35 million high-rise city hall won't help it pay its debt. That debt includes, but is not limited to, a $400 million liability for its retirees' health care. It also has had to cut its police force by almost a third.
Hope? Change? Transparency?

Hope? Change? Transparency?

In the dark of the night, Big Labor puppets at the National Labor Relations Board passed new rules to force "quickie" labor elections without many people even knowing they were considering the provision in the first place. The lone Republican on the Board blasted the majority for skipping critical steps that would have alerted the public that they were even considering such a move.  The Investor Business Daily's Sean Higgins weighs in: Lost in the clamor over Tuesday’s proposed National Labor Relations Board rules for labor elections was how surprising the action was in the first place. The NLRB was not reacting to any legislation or court ruling. It simply decided to come up with new rules on its own. Nobody outside the NLRB itself even knew about them until they were leaked to the AP Tuesday morning. That was apparently deliberate. In his official dissent, the NLRB’s lone Republican appointee, Brian Hayes, claimed that the board’s majority skipped numerous steps that would have alerted the public to what it was considering.