San Diego’s public employee pension crisis explained
San Diego’s NBC affiliate KNSD-TV (Channels 7/39) produces a regular feature called “San Diego Explained.” This segment does a good job of explaining the difference between the guaranteed defined-benefit pension plans enjoyed by public employees and the 401(k) plans that most taxpayers are familiar with. Watch for an especially on-target comment by city council member Carl DeMaio.
This video can be found here.
Not a bad presentation. I certainly caught the fact that the political representatives short changed contributions to the pension funds so they could spend the employees’ money on city pet projects.