Retiree Care to Cost City $4.4 Billion
After months of delays, the San Francisco controller’s office announced Thursday that it expected the city to pay $4.4 billion to provide municipal retirees and their dependents with lifetime health benefits.
The city has set aside $9.7 million to cover the costs....MORE
HT: Mish
Just so the politicians of the formerly Golden State have no illusions, it might be time to re-phrase the Pottery Barn Rule, made famous by Colin Powell:
You broke it.you own it.
...To put the $4.4 billion liability in perspective, San Francisco has borrowed $2.6 billion through general obligation bonds in its entire history....
