In California unfunded pension and health care liabilities for state workers top $100 billion, and the annual pension contribution has shot up from $320 million to $7.3 billion in less than a decade.
THINK ABOUT THAT FOR A MOMENT! The State itself said this on Nov 30th.........The budget problem consists of a $6.3 billion projected deficit for 2009–10 and a $14.4 billion gap between projected revenues and spending in 2010–11.....
If you examine those numbers you see the INCREASE in pension costs if responsible for 2/3rd of the budget deicit for the next two years....
Truly shocking stats, but illustrative of how quickly things have spun out of control/.
Job Growth Lacking in the Private Sector (over the last decade)
http://www.nytimes.com/2009/08/08/business/economy/08charts.html
Despite budget cuts and layoff warnings, California still hiring and workforce still growing
http://www.sacbee.com/politics/story/2094403.html
The Sacramento Bee
Aug. 9, 2009
The job growth for state workers contrasts with the loss of 759,000
jobs in California’s private industry in the past 12 months
http://www.mercurynews.com/topstories/ci_12984385?nclick_check=1&forced=true
not to mention gubermint employees and their pensions:
Reform advocates are spotlighting those with extravagant pensions
— $100,000 or more — as a way to get the public’s attention and
emphasize that the current system is unsustainable.
http://www.modbee.com/editorials/story/803636.html
CHART OF THE DAY: How The Government Payroll Replaced Goods-Producing Jobs
http://www.freerepublic.com/focus/f-news/2422342/posts
Beyond reckless / Sacramento, Washington pile up the debt
http://www.signonsandiego.com/news/2009/dec/24/beyond-reckless-sacramento-washington-pile-debt/
House votes 218-214 for short-term debt ceiling increase
CHART OF THE DAY: Bureaucrats Have Way Better Benefits Than You
http://www.businessinsider.com/chart-of-the-day-employer-cost-per-hour-worker-2009-12
Look at any state's budget and government education is the budget elephant sleeping in the living room.
A solution would be to move to tax credits, vouchers, and charters provided they would be given the option to hire non-government teachers.
Are govt employees, including every branch of law enforcement, education, infrastructure, and bureaucracy, guaranteed jobs, pensions, overtime, and retirement at an age less than 70?
We remark upon the prescience of the late C. Northcote Parkinson, who predicted in his very witty way that this would be our downfall.