Pension Spiking

The press in California recently exposed “pension spiking” by the state’s public employees. Basically, manipulating rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years.

This is particularly interesting in light of the Service Employees International Union’s (SEIU) pushing the idea that Wall Street — not out of control spending — is to blame for California’s disastrous finances.

The Investment Business Daily says, “SEIU members and the elected allies they’ve supported with campaign cash have been ripping each other off blind.” Some “spike” their pay and reward themselves with hefty pensions — leaving nothing for the others — while blaming “the rich.”