Shame the teachers turned out so many that went on the dole. Had they produced entrepreneurs and business types there might be enough tax revenue to support their retirement.
“Money, which represents the prose of life, and which is hardly spoken of in parlors without an apology, is, in its effects and laws, as beautiful as roses.”
There’s no “stimulus” funds left for California Democrats to continue to hide the shortfall. For California taxpayers the day of reckoning has arrived, and they continue to elect Socialists. Beats the hell out of me as to why.
So the general fund is 26B short.
Teachers pension fund is 56B short
And unemployment is 13.4B short.
All with safety net laws that we tax payers pick up the tab
“The unemployment insurance fund, insolvent since January 2009, relies on federal loans to pay jobless benefits.
The debt is expected to hit $13.4 billion by the end of this year unless state lawmakers and the governor agree to
raise payroll taxes, cut benefits or do some combination of both. An interest bill of $362 million is due in September.”
”By law, the state, which faces a $26-billion general budget deficit, must repay the federal loans to the EDD by November.”
EDD’s failure to repay its loans by then would trigger a $325-million federal tax hike next year on employers.
That payroll tax bite would rise incrementally to a maximum of about $6 billion if the loan goes unpaid and
the state misses interest payments over several years.
http://www.latimes.com/business/la-fi-edd-audit-20110325,0,1902644.story
The California Democrat motto - “GIMMEGIMMEGIMME!”
The California Teachers Association (CTA) has begun running ads whining about cuts.