FEBRUARY 15 / Bill White "reduced unfunded employee pension liabilities"

SO SAID the Chronicle in endorsing Mr. White as the Democratic nominee for governor. Unsaid:

Mr. White reduced the city's pension liabilities by increasing its general liabilities. 

Translation: He borrowed money to pay off retired employees, saddling our kids and grandkids with today's costs.

The Chronicle looked only at the happy side of the balance sheet. 

Comments

[tired dog]

City of Houston pension schemes represent an unprecedented and little-remarked-upon transfer of wealth from taxpayers to municipal employees. With some eligible to take up to 90 percent of final paychecks and others getting two-year pension credit for every year on the payroll, the city is effectively increasing its employee roster, not freezing or reducing it.

Citizens took the opportunity to retain control of municipal pensions in a special election in '04. To date, none of the city hall cognoscenti have deigned to address the situation.

Now with double-dippers at council and a mayor who (during the campaign)stated she would not lay off municipal employees, we have about a zero chance of rationalizing this thievery.