A great segment from CNBC on the ongoing cautionary example that is California:
- Public Pensions are untouchable under California law.
- CALPERS told Stockton there was no emergency.
- Stockton is already $1 Billion in the hole to CALPERS.
- Los Angeles' pension and health care costs are up 150% in the past decade and will consume 25% of the city budget by 2017.
- Since the bottom of the crisis, tax collection in California is actually 11 billion higher AND education is down; the difference is Public Pensions and Health Care.
In other California related cautionary tales, this piece from Victor Davis Hanson is GREAT.
Update: Looks like Chuck DeVore has more.
Update II: Breitbart has more.
Update III: Eek!!!