Today's Patch features Charles McDermott's
letter to the editor detailing financial chaos to come.
Dear Editor,
The city of Encinitas is in the midst of a financial crisis, but you wouldn’t know it by walking around town. During the 2004 Olympic Games you also could not tell that Greece was past the point of no return and poised to go down in flames, have a banker appointed to rule the country, and German's deciding who gets paid and who doesn't. And more surprising, no one could have guessed that the remaining elected Greek politicians would be begging to go along with such plans.
Any reasonable person who looks under the city's hood will see a Greek tragedy in the making. Encinitas, like Greece, has very significant unfunded financial liabilities, incompetent management, and politicians that are 100 percent beholden to public employee unions and select developers.
Informed citizens are already upset with our failing roads, boondoggles like the Hall Property, up-zoning, and the appointment of Fire Chief Muir to the Encinitas City Council. However, all these issues are just the tentacles of the same squid, which is our unfunded pension liability.
Please click over and read the whole
letter to the editor . He's also provided links to back-up figures. And while you are there, please consider leaving a comment. Let's keep this discussion out in the open. As Mc Dermott states,
This idea of locking in a massive increase in payout while having the public cover all the potential losses may seem unfair. However, it is the lies and cover up that followed pension collapse that should get the apathetic voter base motivated to demand change now.
And the accountability is placed squarely in the laps of the sitting council majority.
If we choose to continue to elect the puppets of special interests like Stocks, Gaspar, Bond, and Muir we will be forced to face the music at a much later date when all the options will be grim as opposed to unpleasant – and like the Greeks, these decisions will be made for us by faceless and heartless investors who run the muni-bond market.
