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So imagine almost half a million dollars a year for the rest of your life be after retirement.
-- -- calorie in California now -- to be rewarding its top government administrator with a 443000.
Dollar annual salary.
The San Francisco chronicle says that the Alameda County officials base salary is 301000.
-- right she get receives 44000.
And equity pay to guarantee that she makes more than anyone else -- 54000.
Dollars and longevity pay for having worked here for thirty years and and you performance bonus at 44000.
9000 grand for work and a three member land committee.
Dollars for her car allowance.
Here's the kicker when retirement comes she'll still were receiving more than 400000.
Dollars a year.
Melissa Francis with me now the host of money it's all about your money in the Fox Business Network every night at 5 o'clock in.
Stephen Moore also -- of Wall Street Journal with us today down there in Washington DC -- did not help you as well if you -- -- start the ladies Stephen that's OK we're here right.
-- -- makes sense of this if I as a way to make sense how -- that -- you should've started with Steve because there is no way to make sense that I.
I think the longevity pay can you -- 54000 us can you imagine.
A reward for being in the job for so long.
I mean these are astounding numbers and if you -- it up and she has the average lifespan because as you said this is guaranteed for life when you love that.
If you added up it's more than nine million dollars if she -- it additionally if she believes the average lifetime.
It's just astounding and nowhere in any of this literature or any of the reports on this.
Is there anything that justifies.
I -- is it -- her salary is she -- tremendous you know revenues senator for the county of Alameda.
Are they the most profitable count me in all of California making money hand over -- somehow -- And how do you do that retirement yeah.
Status did you think you've been out to California right you've -- -- writing and reporting on the veers from doctors and account has been in the cities how does that strike you.
Well first of all you know I thought it was interest in it 24000 dollars per pack woody Paige said that she's the highest paid person accountable hey I've -- and I don't want to know about him I don't know the other car -- -- to step back and like I think the average person who's watching -- -- It just rolls their eyes -- -- how can act county executive got up 400000 dollar pension that is almost unheard up in the private sector and billion last the question about how this relates to the overall situation in California.
As you know Melissa's been covering this a lot I mean these cities are -- the state of California.
Are very near bankruptcy some of them -- are already.
Virtually in bankruptcy places like San Bernardino.
Places -- like the way how and when I talk to the city officials that.
That county managers they are what they tell me -- -- the single biggest problem in terms of trying to match their expenditures with their receipts and their tax receipts.
Is that the fact that -- get these fat pensions that you've got.
You know a huge amount of the miners how much -- the third way capital budgets in these cities are through these are enormously.
Obese up pensions that they can't afford.
I'm Melissa and I think about it's what Jerry Brown -- -- been trying to do to what degree did did does this change any of that policy you know I.
All I can happen I think is a taxpayer revolt because in these situations.
You know -- it -- county administrators and officials of every -- and and and Steve was talking about all the different counties Stockton in the same row.
Where they sat there and they have voted themselves these tremendous pensions or whether it's health care.
Allowances for the rest of their lives and no one was there to sort of stop it.
But it's when you set the pockets inside it's about the Mac app and there's actually at the end of the day no way to pay this over time so and -- journalists in the.
Yeah -- Most of the good news about this story if there is any silver lining here is you're exactly right the only way you -- this is with taxpayer.
And you know what there are bill there are several instances.
Where taxpayers have voted on the ballot.
To put a clap on these out of control patch and so there is some movement in the right direction it is good and I love a winner on the money to go for schools not -- Understood -- or anything in California that addresses perhaps renegotiating these contracts.
Bankruptcy I mean I just keeps happening again and again is that the only way to -- -- you.
-- break these contracts is eventually to go into bankruptcy when the county can't pay for it.
But this is one of the most egregious examples and it's good to hear reporting on and I mean kudos to the San Francisco chronicle I think it was who started us the outrage against this because a lot of times I think a lot of people all around the country.
Are leaning counties where things like this are happening.
And they just don't realize it in this is where your property tax dollars are going instead -- into the actual classroom to buy supplies and transit everything else for the kids.
They're going to these -- that packages that are -- -- pay that's like most UC NN entertainment.
You know it's the most favored nations clause to make sure this person is being paid more than anyone else how possibly exist to break out of it you get it it's amazing -- Even more last word what do we need to understand about what happens now to change it.
Well it's just not it's not just California that's the other piece of bad news here this is happening in Illinois it's happening in New York it's happening -- -- It really gets the basic issue of fairness whether public employee should get pensions that are about twice as generous as what the taxpayers are getting in the private sector dry just Stephen Stephen Moore out of Washington Wall Street Journal Melissa Francis host of not paying 5 o'clock -- -- have a try that -- all about money.
That's who you vote thank -- game.
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