Chamber of Commerce touts pension reform, backs pension arsonist

Chamber of Commerce touts pension reform, backs pension arsonist

USChamberThe U.S. Chamber of Commerce stunned a lot of people last month when it endorsed Democrat incumbent Scott Peters over Republican challenger Carl DeMaio in the 52nd congressional district race in an affluent swath of San Diego and its northeastern suburbs. Peters may be a relatively moderate Democrat in Congress, but his record of fiscal irresponsibility while serving two terms on the San Diego City Council looks awful compared to all that DeMaio accomplished in his one term on the council.

The only theory that makes sense is that it was former GOP Mayor Jerry Sanders holding a grudge. Sanders is now chair of the San Diego-Imperial counties Chamber of Commerce. He dislikes DeMaio because they both claim credit for a lot of the reforms accomplished in San Diego in recent years, and because DeMaio — much younger and relatively new to San Diego — was anything but deferential to Sanders, who is 64 and has been a San Diego fixture for decades.

Whatever drove the decision, it is sure making the U.S. Chamber of Commerce look foolish. Consider a recent essay highlighted on the chamber’s website:

The most important issue you probably won’t hear about during the run up to this year’s election is public sector pension liabilities. Even though it accounts for billions of dollars in spending and affects millions of state and municipal employees, the sad state of many pension funds barely makes a blip on the radar.

At its core, adequately funding pensions is about keeping a promise. Public sector employees were told while they were working what they would receive when they retired. Governments have a responsibility to ensure that they put enough money away to meet those obligations.

Pension deceit and ‘likely’ securities fraud

An institution that believes this shouldn’t be endorsing pension arsonists. But that is what the U.S. chamber did when it endorsed Scott Peters, who in 2002 voted to raise pensions while reducing funding. What did a 2006 fact-finding investigation conclude?

A culture of obfuscation and denial so corrupted San Diego’s financial management that its meltdown reached the historic levels of such poster children of governmental and corporate malfeasance as Orange County, Enron and WorldCom, according to a long-awaited report released Tuesday.

The report likely cements San Diego’s collapse as one of the greatest in modern municipal history, stating that eight former city staff members likely committed securities fraud in acting with “wrongful intent” to withhold important information from the investing public – a finding that could foreshadow potential enforcement actions from the Securities and Exchange Commission.

Mayor Dick Murphy and a number of current and former City Council members acted negligently in approving false financial statements released to investors, the report states, a finding that would put their behavior on the bottom rung of the three levels of potential securities fraud.

In all, the report paints the picture of a culture premised upon “non-transparency, obfuscation, and denial of fiscal reality” that repeatedly sought to delay the impact of tough decisions, ignored pertinent advice time and again, and failed to inform investors of the consequences of its actions.

That’s from the Voice of San Diego. Among the negligent City Council members: Duke Law School grad Scott Peters.

The U.S. Chamber of Commerce: We’re for pension reform. Also pension abuse.

8 comments

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  1. fletch92131
    fletch92131 16 September, 2014, 11:21

    But the Voice of San Diego (VOSC) put together a snarky derogatory piece on DeMaio. Nowhere recently have I seen Scott Peters taken to task for his involvement in the pension scandal in San Diego. So VOSC perform some due diligence on all candidates.

    Reply this comment
  2. maximilian
    maximilian 16 September, 2014, 11:50

    Carl DeMaio has been out-front on pension reform in San Diego. His model is being copied in many communities across the U.S. as it increases contributions by “current” public employees and cuts pensions for many retirees who are receiving bloated payments. Quality pension reform is the cancer that, when implemented effectively, will save cities and counties from eventual bankruptcy. DeMaio knows this and continues his work to reform San Diego’s pension system despite Scott Peters and Jerry Sanders disruptions.

    Reply this comment
  3. LetitCollapse
    LetitCollapse 16 September, 2014, 12:40

    I don’t know much about the politics of DeMaio or Peters.

    But I would assume that DeMaio, a republican, is cold on amnesty for the illegals while Peters, a democrat, fully endorses it.

    Of course, the Chamber of Commerce loves indigent foreign workers and importing more poverty into the nation since indigent foreigners suppress the American wage while stealing jobs from the 92 million unemployed or underemployed US citizen workers. The Chamber of Commerce is a traitor organization. It does not represent the people. It represents the elite who profit from illegal immigration and massive pensions for the gobblement workers.

    Update: I amend what I said above. I checked DeMaio’s poltical platform. He too is for immigration reform that “keeps families together” – all codewords for amnesty.

    So DeMaio is a traitor to the US citizens as well.

    You have no good choice in the race between DeMaio and Peters. Typical in modern day politics. Once again you get choose between Frankenstein and Dracula. But keep voting, calling your congressmen and paying your taxes. America works for you! 😀

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    • maximilian
      maximilian 16 September, 2014, 15:12

      LetitCollapse,

      The article was about fiscal responsibility and pension reform.
      “An institution that believes this shouldn’t be endorsing pension arsonists. But that is what the U.S. chamber did when it endorsed Scott Peters, who in 2002 voted to raise pensions while reducing funding.”

      Immigration was not discussed.
      But, thanks for your…uh…input.

      Reply this comment
      • LetitCollapse
        LetitCollapse 16 September, 2014, 16:38

        Max, the problem is that illegal immigration and all the financial and social damage that it does to our society is RARELY discussed in the media. The media ignores one of the biggest problem that confronts our State. When’s the last time you read a media article that itemized the costs of illegal immigration? You know, the medical care, the education, the cost of all the ESL classes, the incarcerations, the taxpayer paid legal assistance, the blight, the cost of crime committed on our citizens, welfare (yes, illegals can receive welfare), etc… The problem is largely ignored by our media! And when there is an occasional story it’s usually pro-illegal migrant! hah.

        Our problem with illegal immigration is just as big as the pension problem! But the voice of the people is not represented by our media. So somebody has to discuss it. Otherwise it gets whitewashed.

        I am sad to learn that DeMaio has betrayed the republicans on that issue. There are more and more turncoats who are willing to sell us down the river for more cheap labor and the elimination of our middle class. Shameful!

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  4. John Seiler
    John Seiler 18 September, 2014, 08:00

    Sanders also is a former chief of police. So he’s getting one of those big, fat, irresponsible pensions himself.

    And why would the Chamber pick as its head a government lifer? Why not a businessman?

    Reply this comment
    • Ted
      Ted 18 September, 2014, 13:13

      Yes a FAT PHAT gov pension like— well——-someone’s kids out here….hmmmmmmmm….who could that someone be?

      LOL MMMMMMM

      Reply this comment
  5. Queeg
    Queeg 18 September, 2014, 09:11

    Chamber of Commerce years ago was kinda of folksy and local………then greedy attorneys, insurance, stock brokers took over the pot lucks and hokey smoozing.

    Then came the globalists……it was over. Penny loafers and Brooks Brothers replaced Tom McCan rubber soled shoes and J C Penny spiffy polyester sport coats…….skyscrapers replaced sharing space in Lou’s garage with Amvets and the Shriners.

    To feed this rakish/chromed up hungry beast….they appeal to regulation/tax vulnerability of hard working businesses and hapless farmers……chum up to politicans(the same slithering attorneys that ruined old fashioned Chambers)……..pass the cracked crab, aeoli and Pinot….and….and…..where is my personalized bib service worker?

    Not enough…..the globalists including your cherished tech slavers threw local Chambers under the imported bus brazenly going direct for foreign labor of all sorts……they sing the Inversion, Outsource, Downsize choruses with the New World Order Chorale in Monaco, Bruxelles, Marthas Vineyard.

    It matters not……untill you stop giving, tipping, paying off……Dry the swamp for nothing is tickling down!

    What a Laffer-

    Reply this comment

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