Tuesday, August 11, 2020

Community Voices: Coronado Pension Debt is Like Credit Card Debt (Part 4)

It’s easy to understand the Coronado Pension Debt problem if you think of it like credit card debt.

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This is the fourth article in a seven-part series on the Coronado Pension Debt. The first article is available here. The second article is available here. The third article is available here.

At first blush, it might seem confusing because you hear different people use different terminology. But in reality, they’re all referring to the same thing. Semantics and hair-splitting of definitions are ineffective smokescreens that city officials who are personally responsible for the Coronado Pension Debt use to try to avoid being held personally accountable for their role in the problem.

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The “unfunded pension liability” is the same thing as the “pension deficit” which is the same thing as the “pension gap.” For our purposes it all means the same thing — Pension Debt that must be paid. That’s why I refer to it as the Coronado Pension Debt, without any semantics or hair-splitting.

The Coronado Pension Debt is easy to understand if you think of it as credit card debt. So let’s drill down into that credit card debt example that we briefly discussed in our article entitled Part 2: Urgent – Let’s Solve the Coronado Pension Debt Problem Together Now here.

In reality, we all know the Coronado Pension Debt is far more than $70 million because that’s the unrealistically low, improperly discounted figure that CalPERS already told us about several years ago when we inquired about buying out of the CalPERS system. The city had to admit then that we didn’t have the resources to do so. Conveniently, city officials have developed a case of selective amnesia. They “don’t remember” the facts . . .

Continue reading the article by clicking here.

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