Here’s Food for Thought…When is half a loaf enough? First, kudos to Governor Brown. He released a moderate and measurable 12-point plan last October, which the Leadership Group endorsed early, reinforcing that it should serve as “a floor, rather than a ceiling,” for negotiations.
Second, kudos to the Governor, again, for taking on an issue that was much bolder than most Democrat leaders would attempt, and most Republican leaders could achieve. As a result, he has been attacked by many interests on both sides.
The Silicon Valley Leadership Group supports the pension reform proposal, while also making clear that much more needs to be done. Sadly, we expect more city bankruptcies in the months and years ahead, requiring additional reforms. In addition, as the Governor notes, the board structure at CalPERs needs objective oversight which it currently lacks. This requires a constitutional amendment, according to the Governor, which we need to help him lead.
The current system is unsustainable for workers earning their pension benefits, and unfair to taxpayers shouldering too much of the burden. This is not an issue solved by one piece of legislation.
While this may be “half a loaf”, it is certainly a bigger slice than has ever been taken in the past.