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We all know that Charlie Rangel is a New York hustler. Even the Democrats in Congress have decided he should be tried for corruption.
Due to high pension costs, as well as massive incompetence and corruption, Oakland had to fire 10% of its police force, 80 cops.
""This is not unique to Oakland," said Ron Cottingham, president of the Police Officers Research Association of California. "Stockton is having this happen. So is Sacramento."
David Crane, Gov. Arnold Schwarzenegger's special adviser for jobs and economic development, called the pension crisis "the largest single financial issue facing state and local governments."
The problem traces its roots to the dot-com boom of the late 1990s."
Stanford University did a study and found that CalPers had an unsustainable $525 billion of unfunded liabilities. Here is why, "Budget data from the state Department of Finance show that, over the past 30 years, annual state contributions to sustain pension and health plans for public employees have averaged 3.4 percent of the general fund. In this fiscal year, these payouts will total 5.64 percent.
Crane said annual outlays are bound to rise as more state employees, getting better pension payouts, retire in the years ahead."
At some point, the system will collapse, and the taxpayers will be on the line to pay for it. My guess is that taxes will go significantly higher, causing those that can leave the State to leave, making the situation worse for those remaining.
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Due to high pension costs, as well as massive incompetence and corruption, Oakland had to fire 10% of its police force, 80 cops.
""This is not unique to Oakland," said Ron Cottingham, president of the Police Officers Research Association of California. "Stockton is having this happen. So is Sacramento."
David Crane, Gov. Arnold Schwarzenegger's special adviser for jobs and economic development, called the pension crisis "the largest single financial issue facing state and local governments."
The problem traces its roots to the dot-com boom of the late 1990s."
Stanford University did a study and found that CalPers had an unsustainable $525 billion of unfunded liabilities. Here is why, "Budget data from the state Department of Finance show that, over the past 30 years, annual state contributions to sustain pension and health plans for public employees have averaged 3.4 percent of the general fund. In this fiscal year, these payouts will total 5.64 percent.
Crane said annual outlays are bound to rise as more state employees, getting better pension payouts, retire in the years ahead."
At some point, the system will collapse, and the taxpayers will be on the line to pay for it. My guess is that taxes will go significantly higher, causing those that can leave the State to leave, making the situation worse for those remaining.
More...