NEWSMAX: California lawmakers approved the broadest rollback of public-employee pension benefits in the state’s history after Gov. Jerry Brown and Democrats who control the egislature struck a last-minute deal.
The overhaul, which may save taxpayers as much as $55 billion over 30 years, would require new employees to pay half the cost of their benefits and work longer before they can retire. It also reduces formulas for calculating benefits and caps pension payments.
Brown, a 74-year-old Democrat, pressed for a revamp to show progress in curbing soaring retiree costs before he asks voters for higher income and sales taxes in November. Public resentment of government employees has grown as taxpayers saw their own job prospects and benefits shrink in the longest recession since the 1930s… (more)
EDITOR: This is a case of ‘Nixon going to China’. Had the governor been a Republican, there might have been civil unrest!
