Cancel 2016.2
The Almighty
http://www.realclearmarkets.com/articles/2009/02/should_we_let_california_go_ba.html
Get ready as the largest state economy begins prostrate itself before Unlce Sam.
"A public employee in California with 30 years of service can already retire at 55 with more than half of his salary as pension, and public-safety workers can get 90 percent of their salary at age 50. "
When will they learn that you cannot fund someones retirement for 35-45 years. Why does ANY pension plan allow for ANY type of pension prior to age 65? They wonder why this causes problems. As the article states, this is very similar to the problems the automakers face.
"Another budget buster is California’s spending on social services, clocking in at about 70 percent more per capita than the national average. Leading the way is state spending on cash assistance programs (that is, welfare), where the state expends nearly three times more per resident than other states. There’s a good reason for this rich budget. California’s legislature has only reluctantly embraced federal welfare reform, and for years the state has had one of the worst records in moving people from welfare to work because state law limits the ability of welfare administrators to sanction those who refuse to participate in work programs. "
This is what happens when you do not provide an incentive to get off of welfare.
"When tax revenues spiked in the national economic recovery that started in 2004, California politicians went on another spending spree, increasing expenditures by $34 billion, or 32 percent, in just four years before revenues slumped again. "
Such great foresight by the idiots in California... It is the same philosophy that led many into the housing mess. 'gee, it will keep going up, so we can afford to spend more and save little'
"even though the prospect has now sunk California’s bond rating lower even than Louisiana’s. "
That is pretty sad. Louisiana has some legitimate reasons for the low rating they have received, a large part due to Katrina. Cali did this to itself.
Get ready as the largest state economy begins prostrate itself before Unlce Sam.
"A public employee in California with 30 years of service can already retire at 55 with more than half of his salary as pension, and public-safety workers can get 90 percent of their salary at age 50. "
When will they learn that you cannot fund someones retirement for 35-45 years. Why does ANY pension plan allow for ANY type of pension prior to age 65? They wonder why this causes problems. As the article states, this is very similar to the problems the automakers face.
"Another budget buster is California’s spending on social services, clocking in at about 70 percent more per capita than the national average. Leading the way is state spending on cash assistance programs (that is, welfare), where the state expends nearly three times more per resident than other states. There’s a good reason for this rich budget. California’s legislature has only reluctantly embraced federal welfare reform, and for years the state has had one of the worst records in moving people from welfare to work because state law limits the ability of welfare administrators to sanction those who refuse to participate in work programs. "
This is what happens when you do not provide an incentive to get off of welfare.
"When tax revenues spiked in the national economic recovery that started in 2004, California politicians went on another spending spree, increasing expenditures by $34 billion, or 32 percent, in just four years before revenues slumped again. "
Such great foresight by the idiots in California... It is the same philosophy that led many into the housing mess. 'gee, it will keep going up, so we can afford to spend more and save little'
"even though the prospect has now sunk California’s bond rating lower even than Louisiana’s. "
That is pretty sad. Louisiana has some legitimate reasons for the low rating they have received, a large part due to Katrina. Cali did this to itself.
