Borenstein: This Bay Area city’s half-century of pension taxes provides a cautionary tale

Just as a hidden and exceptionally costly Oakland property tax to pay for city employee pensions winds down after 45 years, officials are planning another levy to offset the cost of retirement benefits.

The Bay Area city’s plight should serve as a cautionary tale for local governments in California, most of which have also failed to set aside sufficient money for their workers’ retirement payments.

Oakland’s planned new tax would continue its tradition of generational cost-shifting...