Saturday, December 18, 2010

Californians Can't do Math: San Francisco Innumeracy Edition

From the New York Times' Bay Citizen column:

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....