My impression of Carnac the Magnificent

I was going to explain “high fives” which I mentioned in the last post. I thought I might have described them in some much earlier post but, alas, my search did not turn an explanation up.

They work like this. Public employees, like teachers, can boost their pensions by ginning up their pay in the last five years they work. Needless to say this gives old fart teacher negotiators a huge incentive to skew new salary to the old dogs in the faculty. The more their pay goes up the higher their pensions will be. They will be based on the retiring teacher’s average pay for their last five working years. Younger teachers will just have to wait thirty years for anyone to fight for them.

I didn’t find the explanation in an old post but this one from 2008 turned up. Can I predict the future or what? Its funny but the projected price tag for the Red Plan was only $407 million back then. Now its $488 million.

Who’s Carnac? you ask. The envelope please!

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