I'm sure our myriad of local wizards doesn't give one whit about it. We have streetcars and bike lanes to build and massive subsidies to hand out to iffy startups with a "green" idea so we'll be ready when the rest of civilization goes to hell in a handbasket.

In their eyes, that's PERS problem. Besides you see Sam/Randy ever stopping something they want to do because of a lack of money?

There does seem to be a general desire by most politicians to drive their states and cities into bankruptcy. The more liberal the politician, the more they seem to desire bankruptcy.

I've been observing this trend now for at least 20 years but I haven't really figured out what the root cause is. I think it is maybe just as simple as the fact that politicians learn that the easiest way to get votes is to buy them. The fact that they can buy them with someone else's money makes the process easier. And liberals have a basic desire to make everyone happy so they seem to be more inclined to hand out the money.

I'm afraid it is going to be very difficult to stop this process. The politicians don't know how to stop giving away our money. They squeal like stuck pigs if the voters try to rein them in even a small amount. I'm sure that some of them are smart enough to know that they have dug us a huge hole, but even the smart ones don't seem capable of actually stopping the spending.

There was a vote the other day by the PERs board and they decided to stay with their existing assumed rate of return. There really is very little chance of them making those kinds of returns on the portfolio, but they seem incapable of accepting reality. I'm not sure if they are scared, or just stupid. Hard to tell sometimes I guess.

THIS is getting a little over the top!

See GREECE for a snapshot of what will be our future.

Steve and Andy are both right. Andy more so.

Scared.
Stupid.
Weird.
Keep Portland all of the above.

Unsustainable means it can not be sustained.

It WILL end.

And it will be ugly.

I'm not sure what you expect from politicians that, once elected, become future PERS beneficiaries. But hey, why fight the system?

Full disclosure: 35 years ago I was a gov. employee for a few years but have not yet cashed in my chips. Where else can I get a guaranteed 8% return on my money?

"And it will be ugly."

What do you mean will? They had to take an additional $1.1B last biennium (out of a $15B total) Oregon budget for employee benefits. Now they are just prying for another pre-election stimulus package from the Feds (who have their own fiscal mgmt issues.) Of course, the justification always is that this is the last time they need to do this.

I mean if someone who had any power was concerned, it'd be different. However, I just see more of the same, no cuts of useless jobs, no attempts to reign in the budget, just more clever ways to raise taxes on us.

Thank goodness there are people and organizations willing to put up big money to defeat "status quo" loving potential school board members and fight for vouchers and other proven solutions to a very broken school system.

...no attempts to reign in the budget, just more clever ways to raise taxes on us.

...and take services away from the people.

Re: "See GREECE for a snapshot of what will be our future."

AL M,

Unlike Greece, there will be no striking trash haulers in Portland because the private companies monopolizing the service have received profitable contracts from the city.

Regarding RI's financial woes, it is surprising that the speed trap between NYC and the Cape has not generated adequate revenue to cover its pensions.