Wednesday, June 06, 2012

Pension reform passes in San Jose?

I didn't even know this was on the ballot, but haven't been paying much attention.  This topic can be sensitive, especially when younger workers who are struggling to make house payments suddenly see 10% more disappear from their paycheck to prop up the retirement fund for those who never experienced such.  The non-union private sector, on the other hand, has seen a lot of slashing of pensions - often pensions have been eliminated - so there isn't a large supply of good will.  Anyway, the measure in San Jose passed   What shocks is not that it passed, but that it passed with a margin of about 70% to 30%.

San Diego had a similar measure that passed with a similar margin:  68% to 32%. With those successes, these kinds of measures will likely multiply across the state and possibly go to the state-wide ballot.  The lawyers are licking their chops over the litigation potential.

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