Thursday 7 June 2012

Pension cuts in California


San Diego and San Jose approve pension cuts in landslide vote


-- The great American pension cuts are coming everywhere to a state near you. -- JB, Managing Editor



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    "SAN DIEGO (AP) — Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities that are struggling with mounting pension obligations.

    Supporters had a simple message to voters in San Diego and San Jose: Pensions for city workers are unaffordable and more generous than many private companies offer, forcing libraries to slash hours and potholes to go unfilled."

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