San Diego mayoral candidate Bob Filner’s pension plan is his panacea.
It allows him to claim he’ll fix the city’s longest standing financial crisis, its debt-ridden pension system. It puts $550 million into the city’s day-to-day operating budget over the next 10 years, he says, money that can fix potholes and improve public safety. Its success even will allow him to establish credibility in city government, enough to eventually ask San Diegans to approve new taxes.
There’s just one problem. Filner’s plan doesn’t exist yet.