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November 11, 2010

Let It Bleed: More on the Now Infinitely Screwed Bunghole Called San Francisco

SF Weekly notes that "The city is awash in red ink, thanks to billion-dollar benefit giveaways and our politicians' lack of will. [Nonsense, the politicians of San Francisco are doing exactly what they want to do. They benefit too.]
"Infinite" is not a word you expect to find in a report on municipal spending. It's more of a science fiction–type term — Tremble, Earthling, before the infinite might of Galaxor! But there it was, in a recent report on San Francisco's finances: Spending on the city's employee retirement system in the past decade had grown at an "infinite" rate.
Naturally, that's an exaggeration. If you do the math, the city's retirement costs for employees in the past 10 years actually grew only 66,733 percent. Still, you might call that a Galaxor-sized number.
In fiscal year 1999-2000, the city spent about $300,000 on its retirement system. In fiscal year 2009-10, it was $200.5 million. Benefits alone — not salaries, just benefits — for current and retired employees this year are budgeted at $993 million. Spending on retirees' health care and pensions is conservatively projected to triple within five years. -- Let It Bleed @ SF Weekly

Oh, excellent! Bring it on! Make the torches! Sharpen the pitchforks! Soak the rope!

Posted by Vanderleun at November 11, 2010 1:15 PM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

Any town that bans McDonald Happy Meals and immediately proposes to ban circumcision next is just too busy to balance the checkbook.

Posted by: Ride Fast at November 11, 2010 5:55 PM

"Never interrupt your enemy when he's making a mistake." --Napoleon

It's time for the circular firing squad...
bring on the all-consuming flames.

Posted by: Robert at November 12, 2010 9:44 AM

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