A little more daylight on one of the biggest economic elephants in the room - public pension funding. Seems a cozy relationship between LA City and the DWP where they just transfer "layed off" workers back and forth is under some real stress... LA City recently handed DWP something like 1500 "transfers" and now DWP is saying they can't afford to pay the pensions that are coming due. http://www.latimes.com/news/local/la-me-dwp-pension-20101014,0,5040462.story
This is piquant given the fact that DWP is notorious for compensating its public servants to the tune of 50% higher than LA City for comparable jobs.
The private sector continues to take a full measure of austerity in this terrible economy, while the public sector continues to pay large salaries and even larger pensions to police, fire, prison and other public employees. Public jobs outpay their private counterparts, and when you add in the "ghosts" - public pensioners who can retire at about 50 and then receive full pay for decades - that are adding to the burden of each job position, it's utterly ludicrous.
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