7.0% annually
Posted on 11/07/2019 9:35:53 AM PST by MarvinStinson
Stupidity has a cost.
Both ways of course.
California needs to be allowed to fail. It’s too big to prop up.
On the other hand, it has been pointed out since 5he nineteen sixties that public pensions had become a ponzi scheme. Growing up I read long articles full of forcasts written to take in life expectancy forecasts and future housing costs and according to many accountants of the time collapse would come just after the turn of the century. We’ve made it almost two decades into the twenty first century but when States and city governments collapse those pensions are going bye bye.
Nobody didn’t know that this was going to happen.
They just hoped to get in and get out and have a nice retirement before the fall.
One of the brightest observers of America’s descent to the Third World status sought by the power-mad Democrat leftists (but I repeat myself) & too many self-serving Chamber of Commerce RINOs describes what’s ahead for all of us if we fail to halt the process. I URGE you to read and share it.
Here’s the link: https://nicholasstixuncensored.blogspot.com/2012/08/victor-davis-hanson-anarcho-tyranny-in.html
Stalin once analogized America as a healthy, vibrant man then went on to observe that to capture this country, the Marxists would need to make us sick and bring us down before we would adopt communism.
Most all on this list have been paying attention as we’ve been methodically “sickened” by devices such as Cloward-Piven and destruction of education (Common Core, etc.)
But many of those with whom I hope you’ll share this have been too busy to notice our impending ENGINEERED demise.
Two historical quotes to support his report:
“Tolerance and apathy are the last two virtues of a dying society”
Aristotle
“ A man may be personally ever so well off, and yet if his country be ruined, he must be ruined with it.”
Pericles (Thucydides), 423 BC
7.0% annually
>>This is why the Democrats win and if you are not a government employee you will pay through the nose for political jobs.
<<
With kameltoe the whore, Californians are paying for SOME sort of “job.”
Will the last one out please turn off any lights not in Newsom’s brownout areas
AND
make sure the pension checks don’t bounce
Proof Democrats are in it totally for personal gain!
Thanks for the comment. VDH is one of the best. We don’t see too many intellectuals like him come down on the RIGHT side of the fence.
Some California cities are getting out of paying by declaring bankruptcy.
This is destroying NJ as well; more and more current revenues are swallowed by these absurd promises that were made to buy votes over the past decades, and now current residents see services suffer as they line the pockets of the gubmint worker caste (”working” and retired). American workers with children leave when the last one finishes high school, and those without children leave even faster - their rents/mortgages include huge amounts to pay for a public school industry that is filled with foreign “replacement American” students.
Europeans started building NJ in 1660; now they are leaving it (and its costs) to the Asian and Latin Americans trafficked here to replace non-breeding Americans and suppress wages. Sad; it was a great place to grow up...
Teachers’ unions destroyed NJ; Chris Christie will be missed because he really dealt with them well. He limited property tax increases to 2% so that if teachers got 4% raises (while the working who paid them usually got much less) there were fewer teachers each time around. Also, during his first race the Asbury Park Press published the salaries of all NJ public school teachers, and for probably the last time in history the NJ voters elected a pro-life, anti-tax Republic to two terms as governor.
A six-figure pension for a public employee is scandalous if you didn’t fund it; while you’re looking at it from the beneficiary’s viewpoint, try explaining it to the people paying it today. Companies and employees avoid some states like the plague because of the masses of money directed at people who stopped working decades ago - and those bills divert funds from services for the current population.
There will never be any economic recovery in areas most afflicted by this, and they are already resorting to importing Third Worlders just to maintain “clients” (albeit non-paying ones) for the current government worker caste.
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