"One of the lessons from the bankruptcy of General Motors was not to promise goods if you can't deliver them. For GM, the goods were generous pensions to retired employees. California has made similar promises: Retired government employees receive the most generous pensions in the country.
And these rising pension costs loom as the next big budget buster in the Golden State.
In 1999, it was the best of times, and hardly anyone seemed to foresee the worst of times. With the state's economy riding high, California shared the wealth with its public retirees. It passed a law lowering the retirement age, making it possible for those with more than 30 years of service to retire with annual pensions approaching their top salary year.
A decade later, with the state's economy in shambles, these very pensions are in the cross-hairs of many concerned Californians."
You don't have to book a flight to Athens to get a little taste of Greece if your a California tax payer.
The city of Vallejo was the first major city in California to file bankruptcy, Stockton is now facing the same demise. It's only a matter of time before other major cities in this state will have no choice but to follow suit. The California state government itself is in the hole to a sum of $500billion in unfunded public pensions with no way fund them.
Once famous as the State for leading the nation in high tech growth industries that provided excellent wages, California is now tarnished for having one of the highest state income taxes, highest in environmental regulations, the second highest unemployment and worst state credit rating in the nation.
Scott Walker saved Wisconsin from this peril, what's the chances Jerry Moonbeam will do the same for the Golden State? Don't hold you friggin breath.
It's failing in Europe, it's failing in California, so please show us how Keynesian economics works!
And these rising pension costs loom as the next big budget buster in the Golden State.
In 1999, it was the best of times, and hardly anyone seemed to foresee the worst of times. With the state's economy riding high, California shared the wealth with its public retirees. It passed a law lowering the retirement age, making it possible for those with more than 30 years of service to retire with annual pensions approaching their top salary year.
A decade later, with the state's economy in shambles, these very pensions are in the cross-hairs of many concerned Californians."
You don't have to book a flight to Athens to get a little taste of Greece if your a California tax payer.
The city of Vallejo was the first major city in California to file bankruptcy, Stockton is now facing the same demise. It's only a matter of time before other major cities in this state will have no choice but to follow suit. The California state government itself is in the hole to a sum of $500billion in unfunded public pensions with no way fund them.
Once famous as the State for leading the nation in high tech growth industries that provided excellent wages, California is now tarnished for having one of the highest state income taxes, highest in environmental regulations, the second highest unemployment and worst state credit rating in the nation.
Scott Walker saved Wisconsin from this peril, what's the chances Jerry Moonbeam will do the same for the Golden State? Don't hold you friggin breath.
It's failing in Europe, it's failing in California, so please show us how Keynesian economics works!
Or was that a *.jpg?