Government Employee Unions Tee Up California's Bankruptcy

Forbes ^ | 05/17/2014 | Bill Frezza

[SeekAndFind]

Half a Billion Dollars. That’s how much the California Teachers Association and the powerful Service Employees International Union have spent on California politics since 2000. The unions’ return on that “investment”? A legislature totally beholden to them for political support and campaign contributions.

Here’s another mind-boggling number: Half a Trillion Dollars. That’s an estimate of the unfunded public pension liabilities racked up by California’s state and municipal governments due to overly generous pay and defined benefit pension plans lavished on unionized government employees.

If you thought the bankruptcies of Stockton, San Bernardino, and Vallejo were entertaining, break out the popcorn to watch the next fiasco California’s famously progressive citizens voted themselves into. That first wave of municipal bankruptcies demonstrated that the odds of the state’s public pensions paying out at full value are virtually zero. The donnybrook that breaks out when the rest go sour is going to be a monster movie scale spectacle.

[LMAO]

But,but,but,but I was told CA is brimming with surpluses

[hal ogen]

We have several retired california government “public servants” who smugly live the good life here in Utah. It would be just awful if california cut their pensions.

[blueunicorn6]

Do you know the way to San Jose?

[SeekAndFind]

Do you know the way to San Jose DALLAS?

[octex]

Do you know the way to San Jose DALLAS?
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No, No, No! Dallas is filled to the brim with liberals, already, and no more are needed! Same is true for Austin, Houston and San Antonio! They are the ‘big four’ blue islands in Texas.

[Rusty0604]

I attended a CALPERS employee’s speech where he was so proud of the fact that compared to private union workers that had to deal with that menacing profit factor, public employees can get whatever they want because the gov’t doesn’t go out of business, they can just raise taxes.