I’m only gonna tell you this ONE MORE TIME!

Okay, government employees, here it is again:  you can’t spend more than you take in.  A tough concept?  Obviously, as they just keep doing it over and over and over again.  What is it about “broke” they don’t understand.  But then, come to think of it, it’s much easier to put someone else in debt than yourself…in case you don’t get it, the someone else is you and me and every hard-working taxpayer out there.  I love San Francisco…it’s the people I’m beginning to dislike.  Here’s an example why:

Facing $1.6B shortfall, San Fran pays employees $170 million in Bonuses

January 21, 2011

As San Francisco struggles under ballooning pension and health care costs, the city’s retirees will receive unexpected cost-of-living bonuses totaling $170 million. The city’s anticipated budget deficit for the coming year is $360 million.

A political battle has raged over the city’s growing retirement obligations. In November, Proposition B, which would have required city workers to contribute more toward their pensions and benefits, was soundly defeated. The measure’s opponents — every major elected official and energetic public-employee unions — said fears about the pension fund were overblown.

Meanwhile, the fund’s fundamentals deteriorated as it gradually accounted for its huge losses in the stock market crash. It took in $414 million in contributions in 2010 but paid out $819 million.

On Jan. 4, an actuarial firm reported that the $13.1 billion San Francisco Employees’ Retirement System now had an unfunded liability of $1.6 billion — triple its shortfall a year earlier. Gary A. Amelio, the system’s chief since January 2010, did not respond to questions.

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