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The big splash you hear is the sound of California sliding into the Pacific Ocean under the...
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Thursday, May 10, 2012, 10:45 AM ETThe big splash you hear is the sound of California sliding into the Pacific Ocean under the weight of its pension obligations, as the number of retired government workers receiving annual pensions in excess of $100K hits 12,199 - a 25% Y/Y increase.
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http://1.usa.gov/JDE6ZE
Nowadays, a politician changing his position is obliterated in the media and by common opinion, since that makes for an easy target. Changing one's position to reflect the opinion of one's constituency is simply political suicide.
Didn't Obama just do that today?
I want my representatives to represent. Even when that means backpedaling on positions they once held.
I do agree that California is relevant. But its living off the past. Yes, Silicon Valley, Hollywood, Vineyards, etc will continue to be strong. But way too many industries have packed up for other states, and the budget situation is a joke.
Government pensions should be capped at the median wage for the state. I cannot understand how the populace of the state isn't outraged at the pay, benefits, and perks given now to "public servants". Its simply generational theft.
I just hope that enough folks are outraged that there is never a bailout of California or Illinois. Let the people that allowed these stupid things to exist to live with the long term misery they create.
"East Coast pensions are hip now,
I really dig those styles the wear...
But I wish they all could be California pensions.....
(Beach Boys) circa 1965