These people are insane, evil and delusional. Every taxpayer is an effing slave to the lavish benefits packages for state workers! It is *****ng serfdom!
They’d be dollars ahead by simply reducing the state employee overhead now ~ maybe a 35% permanent layoff.
These corrupt government freaks don't get it....lol
We don't have any more stinking money for you government tax parasites.
They need to find a few more gold mines right quick or they are in trouble with a capital T.
When you have been run by democratic legislators & unions such as SEIU, this is what happens.
Today California, tomorrow obama admin wants America going down the same path.
Screw 'em!! Renege on the "promises." Happens in the private sector all the time. Why do these parasites think they should be able to live off the sweat of the producers in the private sector. Damn leeches are destroying the country.
This is the result of the Dem lawmakers buying the votes of the government unions by increasing the salaries and benefits of the union members. That’s all it is. The Dems buy government union votes and contributions with taxpayer money.
Don’t worry, Schwarzenegger’s got it covered.
Arnold is on top of it.
Start the rationing...
Thanks for posting. Another “laboratory of democracy” has become a stomping ground for socialists. They’re living it up at the hotel California. Guess who gets the bill? We the productive.
What’s Chinese for “time to pay up”?
We’ll find out soon enough.
NOT THE TOP OF THE LIST
“Special Nurse” $350,000+
Municipal railway manager:$325,000+
“Administrative services” department head $280,000+
State college workers salaries:
JEFF TEDFORD UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $2,831,654
PHILIP E LEBOIT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,979,362
TIMOTHY H MCCALMONT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,945,717
RONALD W BUSUTTIL UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,570,897
RICHARD J SHEMIN UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,195,837
KHALIL M TABSH UC LOS ANGELES HS CLIN PROF-MEDCOMP-A $1,048,891
BEN BRAUN UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $998,569
http://www.sacbee.com/1098/story/1669273.html
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CalPERS Expected To Report Losing Nearly One-Quarter Of Investment Portfolio [$56.8 B Loss]
LATimes | July 20th 2009, Marc Lifsher
FR Posted Tuesday, July 21, 2009 by Steelfish
CalPERS expected to report losing nearly one-quarter of investment portfolio The estimated $56.8-billion drop at the U.S.' largest pension fund, the second annual loss in a row, would have a huge effect on what state and local governments must shell out to support retirees. Reporting from Sacramento -- California's huge government pension fund is expected to report on Tuesday a whopping annual loss of an estimated $56.8 billion, almost a quarter of its investment portfolio.
The loss at the California Public Employees' Retirement System for the fiscal year ended June 30 is the second in a row for the country's largest fund. A year ago, CalPERS reported a $8.5-billion loss, as the severe recession began to take hold. The tremendous drop in value is expected to have a direct effect on the amount of money that the state and about 2,000 local governments and school districts must contribute in coming years to pay for pensions and healthcare for 1.6 million government workers, retirees and their families.
As income from the pension investments fall, the governments would have to make up the difference to meet the state's pension and healthcare obligations. In the fiscal year that ended a year ago, CalPERS' holdings in stocks, private equity, real estate and commodities positions were worth $239.2 billion. They fell to $182.4 billion on June 30, down 23.7%, according to daily postings on the fund's Internet site. CalPERS hit a record-high balance of $247.7 billion on June 30, 2007, and it earned double-digit returns for the five fiscal years from 2002-03 to 2006-07. Without those kinds of flush years, CalPERS could have a difficult time getting the average annual return of 7.75% that its actuaries say it needs to meet obligations to retirees without drastically raising employer contributions. (Excerpt) Read more at latimes.com ...
IMHO when California finally collapses - it will be like one of those building implosion videos.
A puff of smoke, then quicker than you expect, it all falls into a dusty pile of rubble.
CA probably has a couple more good years in it, but the state is clearly rushing headlong toward some sort of messy situation.
Probably one involving the Mexican border, in some way.