Kaboom. One Hundred and Twenty-Seven Million Dollars

Fullerton’s public safety pension debt just exploded.  Numbers from a new report just released by CalPERS pin the unfunded pension liability for Fullerton’s police and fire at $126,843,150.

Hey little guy. Cash or credit?

The new figures represent a first look at Fullerton’s pension crisis after the market crash of 2007 (yes, CalPERS is that slow.)

Of course these dismal digits are probably optimistic, given that CalPERS is still using the ridiculous rate of return that the unions used to cook up these obscene benefits in the first place. We did, however, take the liberty of removing the absurd “smoothing” calculation that adds a magical $73,000,000 to the fund, even though that money does not exist anywhere.

Warning: 76 pages of boring

$126,843,150.00. Let’s put that number in perspective: it’s enough to fund the entire Parks and Rec department for the next 27 years, re-pave six million square/ft of deteriorating roadway or completely staff Fullerton’s libraries until the year 2058.

Paying that debt (assuming it doesn’t get worse) will require an additional $3,000 from each Fullerton household, above and beyond our current taxes. That’s just for unfunded public safety retirement debt, which allows these public employees to receive 90% of their highest pay at age 50 for the rest of their lives.

Fullerton Unions Pick a Pack of Shameful RINOs

Today the first public employee union campaign signs went up across Fullerton. Predictably, the union is backing all three worthless RINOs: Don Bankhead, Pat McKinley and Roland Chi.

The public safety unions’ motives have always been clear to the observant. They will support the candidates who offer them the biggest return. What do the unions expect? More generous pay raises. More obscene benefits. More unsustainable pensions.  Multi-million dollar retirement packages. And more debt and taxes to pay for it.

Rookie draft complete. Now presenting the 2010 Union Dream Team

The unions have proven that they hold little regard for Fullerton taxpayers, as evidenced by their pension-driven destruction of Fullerton’s financial future for the benefit of a few public servants. They lobby for raises, pray on the emotions of the weak, and lie about future benefit costs all while complaining about their cushy jobs. When it’s time to negotiate with our empty-headed council, all of the union deceit comes together like a finely tuned machine. It’s sole purpose? To line their own pockets in exchange for the least amount of effort and accountability as possible.

What’s at stake? Bloated union paychecks.

How could the unions take so much from Fullerton’s conservative voter base? That’s easy.  For decades, Republican voters have been fooled in to electing spineless cowards who are afraid to stand up for taxpayers at their end of the bargaining table. They shrivel up in fear at the thought of going against the unions and offer nothing but endless excuses when their negligence is exposed.

It’s frightening, but it’s true. The unions are in it for themselves, taxpayers be damned. They won’t quit until we’ve been sucked dry, and they’ve found just the right candidates to do it. In 2010, it really is “us vs. them.”  Let’s bring some sanity back to this city.