Letters to Editor
From Issue: Volume XXI - Number 4
I have no degree in economics or law degree, but I do know a snow job when I see it. James Johnson makes a small reference to the stock market crash in 2008 created a perfect storm of increased benefits, underfunded pensions and decimated returns.
CALPERS records are public. In June 2007 CALPERS had $251 billion in assets and fully funded plans. By June 2009 CALPERS has 181 billion in assets and the plans were 86.9% funded. This 28% loss in assets in two years is not because of any reasons Mr. Johnson wanted to fully explain.
I am sure he is willing to place the Social Security trust fund in the same "Wall Street" hands that have created such a fiscal mess and have friends like Mr. Johnson who will point the finger of blame at everyone but Wall Street.
Second, he talks about raising pensions and making an increase retroactively. It's like telling your boss what a great job you did in 1982 and he is going to pay you extra this year for work done 30 years ago. Are you kidding?
I hired in Douglas Aircraft in 1979. The pension was $30 per year of service. Due to our new labor contract in 2010, it is now over $80 per year of service. This is not for future years, it is for ALL 32 YEARS I HAVE WORKED.
To try and misinform the public about how pension benefits are raised during a 30-year career is shameful to say the least. You, sir, should turn in at least one of those degrees. As for the other degree, everyone knows how attorneys will twist facts. You excel in that job.