California’s Public Employee Pension Problem (Congress, Brown, companies, politicians)

[mossomo]

over the past decade pension costs for public employees increased 2,000%. State revenues increased only 24% over the same period.

Steven Greenhut: Public Employee Unions Are Sinking California - WSJ.com

Former Assembly Speaker Willie Brown, a well-known liberal voice, recently wrote this in the San Francisco Chronicle: “The deal used to be that civil servants were paid less than private sector workers in exchange for an understanding that they had job security for life. But we politicians—pushed by our friends in labor—gradually expanded pay and benefits . . . while keeping the job protections and layering on incredibly generous retirement packages. . . . At some point, someone is going to have to get honest about the fact.”

And now with the public sector as our countries largest employer, it just doesn't seem like a substainable model for our national growth.

The public sector doesn't create wealth, it just consumes it.

[evilnewbie]

And people want to make the government even bigger with more government jobs as well as people who rely on government "checks" as "paychecks"...

[nicet4]

We have yet to see the tip of the iceberg when it comes to pensions.

Pension Tsunami

A 32 page report and if this doesn't scare you you're dead already.

http://www.alec.org/am/pdf/tax/ALEC_FINAL_pension_funds_split.pdf

In the course of the 20th century, states made significant progress in
pre-funding their pension obligations. By the 1970s, the funding ratio
reached 50 percent; in the 1990s, the ratio reached 80 percent; and in
2000, the ratio exceeded 100 percent. With a booming economy and the
run up in the stock market in the 1990s, most states eliminated unfunded
liabilities in their pension plans.

What happens is politicians promise the moon knowing they won't be the ones to have to face the music. Sure, Congress, why not barrow another two trillion from our yet unborn great grandchildren?

[OC Investor2]

Public employee unions are the largest political donors in CA.

If you gave big checks to your boss, don't you think you'd be earning more money?

[evilnewbie]

Originally Posted by OC Investor2

Public employee unions are the largest political donors in CA.

If you gave big checks to your boss, don't you think you'd be earning more money?

What amazes me is that liberals think this is "okay" and yet when companies now have the ability to have political leverage and they think its unfair... as long as the liberals have special interests in the government, its okay to them... anyone else and they got a problem.... liberals, they make me laugh...