THE NEAR-bankruptcy of Vallejo, Marin's neighbor, reads like the script of a teen horror movie.
Greed, stupidity and lack of adult supervision means even the slowest-moving zombie (or slow-developing financial crisis) can inflict a lethal blow....
"Today, governments in Marin have more than $1 billion in unfunded liabilities - a time bomb like the Social Security Trust Fund with its enormous obligations to future generations and an inadequate funding structure. Recently, a number of early retiring public union members have literally hit the "lottery jackpot," receiving the equivalent of a $10-plus million lifetime payout over the next 25 years from Marin taxpayers. Upon retiring in their early to mid-50s to collect their accrued pension and health-care benefits, these ex-county employees are free to pursue new careers or employment, adding thousands more to their already guaranteed incomes.
"As the rolls of these retired public employees grow, the costs will escalate and quickly swamp the budget, resulting in funding reductions ahead for our roads, wastewater plants, flood systems, seniors, the environment and recreation and libraries for our youth..."
See Mark's Marin IJ Opinion piece posted 3/25/08.
