Monday, June 6, 2011

Voice of San Diego 401(k) article worth reading

To quote the SDUT:

DeMaio has joined with Faulconer and Sanders on a proposed initiative that would appear on the same June 2012 ballot and calls for replacing guaranteed pensions with 401ks for all new city hires except for police officers.

DeMaio said the initiative will be the thrust of his campaign.

“People are going to see it as indistinguishable (from my campaign),” he said. “The pension crisis is the most pressing financial problem we face and I’m not waiting to be mayor to fix that problem. I’m doing it right now.”

And from the Voice of San Diego:

"The colossal problem for the city is trying to pay off that $2.1 billion pension liability," Hovey said. "The 401(k) plan doesn't address that."

For now, backers are insisting 401(k)s will save money, but aren't saying much else. They still have a year to make their case. When they do, they might not have to prove how much 401(k)s save, but whether they save anything at all.

This would not be the first time politician DeMaio has been less than factual. However, to base his campaign for Mayor on a false premise shows how little respect he has for the voters.

It should be mentioned that DeMaio constantly runs initiatives with his campaigns. It almost seems as if he could not win an election without them.

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