No, but you presented a false dichotomy.
For any employer, private or public, slashing salaries and benefits is a great way to start trending towards 100% turnover, which is a pretty negative outcome if you want to maintain any semblance of operation.
Don't equate that with arguing for Austerity.
https://www.openthebooks.com/forbes-why-san-francisco-is-in-... [1] https://www.census.gov/quickfacts/sanfranciscocitycalifornia [2]
Are teachers overpaid, or are people in SF underpaid relative to the value of a house?