Tweet
Big city government are about to go belly-up. No amount of tax increases will stop it. Both San Fran and LA are over $500 billion in deficit. San Diego is playing with filing for bankruptcy.
"The annual pension payment has ballooned to over $231 million or a whopping 42 percent of city payroll, DaMaio wrote in the San Diego Daily Transcript. When factoring in the cost of all city retirement benefits, taxpayers are servicing a cost of more than $370 million annually or a staggering 69 percent of city payroll.
The good news is that pension costs are going to be so high that local government will have almost no money for corruption or special interests--even the monopoly unions will suffer. The better news is that this crisis will force local government to become honest.
More...
"The annual pension payment has ballooned to over $231 million or a whopping 42 percent of city payroll, DaMaio wrote in the San Diego Daily Transcript. When factoring in the cost of all city retirement benefits, taxpayers are servicing a cost of more than $370 million annually or a staggering 69 percent of city payroll.
The good news is that pension costs are going to be so high that local government will have almost no money for corruption or special interests--even the monopoly unions will suffer. The better news is that this crisis will force local government to become honest.
More...