Public Pension systems are collapsing. CalPERS, the nation's largest public employee retirement system, managed to generate a return of 0.6% in fiscal year 2016, and they claim to have a funding gap of $112 billion, although independent estimates put it closer to $500 billion. Actually, that's pretty standard for Democrat-run areas; in Chicago, for example:
Outside the assessor’s office, city homeowners told one property tax horror story after another. “Our taxes increased fivefold,” said William Phillips of Rogers Park. “I was expecting it to go up maybe twice as much but not four to five times as much.”
The politicians sort of forgot to fund police, firefighter, and teacher pension obligations, and now the bills are stacking up. The city's already had its credit rating downgraded, so they're raiding the wallets of residents. We can expect to see this more often in the near future; in Democrat-run Portland, the city's first responder obligations are 100% unfunded, so they kind of pay as they find money. And since they run the state as well, the PERS obligations are presently $21 billion in the hole, and climbing.
But here, the public employee unions have an answer: tax "greedy corporations" on their gross receipts in order to force them to "pay their fair share".
Backers of a $3 billion corporate tax measure on the November ballot repeatedly pushed for changes in a Portland State University economic review of the proposal, delaying the report for several months.
Emails, draft reports and other public records obtained by The Oregonian/OregonLive on Tuesday reveal the uncomfortable relationship between university economists and Our Oregon, the union-backed group that drafted the measure and paid for the report.
One of the economists reportedly referred to the proposal as "a sales tax on steroids", which irked the union group - probably because it's a valid characterization of their measure. Of course, grocers and other affected businesses would never dream of passing such a tax along to consumers, so nobody will be affected, according to the propaganda from the public employee unions.
This is why public employee unions should never have been allowed to exist in the first place.