Today, the Houston Chronicle published on its front page story that the City of Houston now faces a $1 BILLION shortfall in its pension plan for employees. Analysis shows that taxpayers will have to front up $100 million next year alone.
Moreover, last year voters passed a Texas Constitutional amendment (see my February 7, 2004 entry) Proposition 15, that prohibits pension benefits from being cut. Last autumn, many people were asking me about how I would vote in regards to Prop 12, which had to do with whether the Legislature would have power to control payouts in lawsuits over medical malpractice. They desperately wanted to know if I sided with the lawyers or the doctors. I tried screaming at the top of my lungs that Prop 12 was not worth sweating over. Worry about Prop 15 and vote against Prop 15! Oh well. Now it seems that we may have to mount a State Amendment to UNDO Prop 15. Not all hope is lost. Cities can vote to opt out, but it seems that only the public workers will show up in such an election...
In short order, a City employee who works for Houston only has to work 20 years to get a full pension. What's interesting is that the Houston Chronicle, which supported Mayor Lee Brown all three times, failed to publish anything about this oncoming nightmare. I am formally charging the Chronicle with negligence in failing to report this matter to the public. In a free society, it is up to newspapers to find out about this stuff, since only a few intrepid members of society are going to have the time or inclination to do this on their own. The Chronicle neither heard or saw any evil while Brown was in office. Now that there is a change in who sits on the Peacock Throne, all the bad news is coming out.
Readers may also want to visit my January 28, 2004 entry about irresponsibility in politics. Recently, Congress passed a law regarding private corporation CEO's to "tell the truth" regarding corporate finances. If they don't they risk legal action. Once again, does this apply to politics and everyone involved in the political process? WELL PARDNER, IIIII DON'T THINK SOOOOO!!!
Posted by The Mighty Wizard at February 29, 2004 10:51 PM