That's really a shame voters have done that. By passing laws giving unions that sort of leverage, voters are begging for higher taxes and a likely city/county/state bankruptcy in the future.
Municipalities being choked by pension spiking, overly generous healthcare benefits, and high salaries will bankrupt their way out of it. Remember something, the unions never win. It's not economically feasible for them to.
In short, it would be hard for you to be more wrong. The County I work for has some of the lowest taxes in the region, and not by a few percent either. More like 20% lower. Our pension fund is actually one of the best funded in the area as well, because we have kept it as a separate public safety pension and retained more control over it by having police and fire trustees on the board as compared to a general government employee pension. (vesting requirement has an effect here also, see below)
Since getting the arbitration, we have actually increased the employee contribution split towards the pension without a change in payout and our portion of healthcare coverage has also increased. And neither of those issues were arbitrated. The pension change was actually a negotiated item.
The only thing arbitration has done, has been to balance the interests of the parties.
Like when they wanted to increase my hours of work by about 14%, but only increase my pay by 5%. We refused, went to arbitration, and won.
As far as the if you don't like it, leave, well that isn't exactly a feasible option. It takes us 20 years (barring a permanent injury, etc.) to vest in our retirement. If you leave at 18, you get back
your contributions only. So how would you fell if your employer came in and tried a change like that when you have say 15 years toward vesting?
You can not transfer that retirement time towards another employer, and you would either have to leave the field entirely, or take an entry level position at another agency and start your career over.