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Oakland is the murder capitol of California. How are they going to handle this?
"IF YOU think Oakland city finances are bad now, you haven't seen anything yet. Although city officials laid off more than 10 percent of their police force last week to wipe out much of a $31 million budget deficit this fiscal year, they face a much bigger problem that has barely been mentioned."
But that is the good news!
"Simply put, the city faces a financial time bomb, fueled by at least $2 billion of unfunded liabilities for employee pensions and retiree health care costs.
That's an amount equal to about five times the annual general fund budget. It's the result of unrealistically generous benefit promises to workers, the city's failure to adequately fund the benefits, and the financial downturn's erosion of money that was set aside."
The current Mayor is Fidel Castro's good friend, Ron Dellums. For eight years prior to that, the person who set up the problem and refused to fix it was Jerry Brown.
If Brown did this to Oakland, imagine what he could do to a State already $40 billion in deficit, $800 billion in debt and with $525 billion in unfunded pension liabilities?
More...
"IF YOU think Oakland city finances are bad now, you haven't seen anything yet. Although city officials laid off more than 10 percent of their police force last week to wipe out much of a $31 million budget deficit this fiscal year, they face a much bigger problem that has barely been mentioned."
But that is the good news!
"Simply put, the city faces a financial time bomb, fueled by at least $2 billion of unfunded liabilities for employee pensions and retiree health care costs.
That's an amount equal to about five times the annual general fund budget. It's the result of unrealistically generous benefit promises to workers, the city's failure to adequately fund the benefits, and the financial downturn's erosion of money that was set aside."
The current Mayor is Fidel Castro's good friend, Ron Dellums. For eight years prior to that, the person who set up the problem and refused to fix it was Jerry Brown.
If Brown did this to Oakland, imagine what he could do to a State already $40 billion in deficit, $800 billion in debt and with $525 billion in unfunded pension liabilities?
More...