Go by streetcar, lose your pension
Why Portland City Hall employees' unions continue to support politicians who will spend money on tomfoolery like the Mystery Train to Milwaukie (population 20,291) is beyond us. When those electeds overspend on their pet projects, the unions may find themselves losing their precious retirement checks:
Cities and local governments make lots of promises: to their citizens, workers, vendors and investors. But when the money starts to run out, as it has in Central Falls, some promises prove more binding than others. Bond lawyers have known for decades that it is possible, at least in theory, to put bondholders ahead of pensioners, but no one wanted to try it and risk a backlash on Election Day. Now the poor, taxed-out city of Central Falls is mounting a test case, which other struggling governments may follow if it succeeds.
The whole thing is here.
| Posted at 8:17 AM | Permalink |
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Comments (7)
And the Bridge to Nowhere oops,Milwaukie continues to be worked on 7 days a week!
Posted by pdxjim | August 13, 2011 11:29 AM
“We put our time in, we put our money in,” said Walter Trembley, 74, a retired Central Falls police officer. “And the city, through their callousness and everything else, just blew it..."
They should be able to make connections, but I guess as long as the scene lasts, OK with folks.
In my view, the result of too much fragmented thinking, short term thinking and denial.
Posted by clinamen | August 13, 2011 12:49 PM
I guess the tweeting hipsters are too young and therefore too removed from reality to realize there will be nothing left.
Witness the lack of comments for this post.
Welcome to the "golden years"...now go live at Dignity Village...in at tent...not that is HIP!
Posted by portland native | August 13, 2011 2:11 PM
It may be because Rhode Island appears to have a pension system similar to Oregon's where most/all public employees are covered by the State pension system except for local police & fire. My understanding is that under this type of scheme, the City owes payments to the State system and the State owes the pensions to the employees.
Thus when this City filed bankruptcy they could only stiff the retired police and fire, not the rest of the retirees. And I don't think States can file for bankruptcy under current law. And I don't know about Rhode Island but the current Oregon constitution says if the State runs out of money the retirees get paid first. So at least for now there is not much for local unions, except police and fire, to get upset about.
Posted by Anon Too | August 13, 2011 4:12 PM
....Hope I die before I get old...Talkin' 'bout my generation....
Posted by Mojo | August 13, 2011 5:01 PM
Constitutions can be amended.
Posted by Jack Bog | August 13, 2011 5:03 PM
I have a bigger problem with unions supporting politicians who are all for amnesty for illegal aliens. It seems increasing the legal labor pool wouldn't help prop up wages much.
In addition, look at the numbers of non-union workers in building trades in residential construction - That is if you can find any left.
Posted by Steve | August 13, 2011 5:09 PM