Public Unions Forcing California Cities Into Bankruptcy

**beenthere** · 06-27-2012, 09:31 AM

"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!

**Gastanker** · 06-27-2012, 09:39 AM

I have a recently retired CA peace officer friend. She's receiving a 150% pension for the rest of her life... that means shes getting paid 50% MORE for being retired than for working. She retired at 55 after 25 years of service. If she lives to 80 she'll have earned >66% of her total life income by being retired - paid from our pockets.

I support our public servants but it's getting ridiculous. At least we don't pay for abusive teachers to sit in empty classrooms staring at walls - oh wait, we do... Yeah unions!

**beenthere** · 06-27-2012, 09:56 AM

What irritates the hell out of me is the fact that California ranks 50th (last) in business friendly states.
We have the most regulations, the second highest income tax and these idiots wonder why businesses are leaving the state!
It doesn't take a rocket scientist to figure out where revenue and jobs comes from, looks like the state officials buy into the theory that demand takes precedence over supply. Well, in the coming years, there's going to be a lot of demand in this state, that's for sure. The question is, are there going to be enough suppliers and enough return on their capital to meet that demand? Unless California does a complete 180 and gets rid of the 40 years of liberal policies that have ruined this state, the answer will be NO!

**nontheist** · 06-27-2012, 09:58 AM

Originally Posted by Gastanker

I have a recently retired CA peace officer friend. She's receiving a 150% pension for the rest of her life... that means shes getting paid 50% MORE for being retired than for working. She retired at 55 after 25 years of service. If she lives to 80 she'll have earned >66% of her total life income by being retired - paid from our pockets.

I support our public servants but it's getting ridiculous. At least we don't pay for abusive teachers to sit in empty classrooms staring at walls - oh wait, we do... Yeah unions!

Yeah this is out of hand Cali being the front runner of what public unions do to cities. I feel that most cities will file bankruptcy in cali so they can restructure union benefits and that's still a band-aid on a bullet hole. eventually they will have to get rid of them. What I don't understand is, Obama is saying we need to hire more and liberals are lapping it up.....Surely he can come up with a better idea than more teachers, cops, and firefighter.

**nontheist** · 06-27-2012, 10:11 AM

Originally Posted by beenthere

What irritates the hell out of me is the fact that California ranks 50th (last) in business friendly states.
We have the most regulations, the second highest income tax and these idiots wonder why businesses are leaving the state!
It doesn't take a rocket scientist to figure out where revenue and jobs comes from, looks like the state officials buy into the theory that demand takes precedence over supply. Well, in the coming years, there's going to be a lot of demand in this state, that's for sure. The question is, are there going to be enough suppliers and enough return on their capital to meet that demand? Unless California does a complete 180 and gets rid of the 40 years of liberal policies that have ruined this state, the answer will be NO!

If the government ever decides to be fiscally responsible, the blue states will go to shit. I am not trying to be an ass but once you give a liberal an inch it's never enough after that. From a liberal's prospective, we should let all illegals come in without any repercussion, everyone should be union, anyone should be able to vote in America regardless country of origin fuck lets put the voting on the internet, we should say fuck it and give socialism a shot, we should have mob justice if someone other than a white dies, we should tax the rich even more lets ignore the fact they fucking pay for everything anyway, also its ok for a democrat president to cover shit up, and if its broke keep trowing money at it!

**Opm** · 06-27-2012, 10:11 AM

Politics is such a buzz kill :/

**UncleBuck** · 06-27-2012, 01:42 PM

Originally Posted by nontheist

If the government ever decides to be fiscally responsible, the blue states will go to shit.

**UncleBuck** · 06-27-2012, 01:43 PM

Originally Posted by JustAnotherHead

Where's the cheese eaters with the .GIFS? Must be taking their noon time naps.

**NoDrama** · 06-27-2012, 02:31 PM

Originally Posted by UncleBuck

This graph has little water holding ability since red and blue are interchangeable at any period in time. What was once a red state is now a blue state and vice versa. Besides the data is EIGHT YEARS OLD.

**UncleBuck** · 06-27-2012, 02:35 PM

Originally Posted by NoDrama

This graph has little water holding ability since red and blue are interchangeable at any period in time. What was once a red state is now a blue state and vice versa. Besides the data is EIGHT YEARS OLD.

you're right that is a little old. three of the four states on the left are now blue, so 17 out of 18 contributors are blue states.

good point.