Wednesday, April 3, 2013

CNBC: Will Bankrupt California City Escape Pensions?!?

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.
 (Sidenote: CALPERS is also in bed deep with Agenda 21.)


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!!!

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