California On The Edge Of Financial Abyss
While President Obama, Vice President Joe Biden
, Senate Majority
Leader Harry Reid and Speaker Nancy Pelosi are jetting about the
country, raising money for the fall election and touting the
"Recovery Summer," you should be paying attention to the state of
California, which is teetering on brink of a total financial
meltdown.
California Democrats, who have controlled the statehouse for nearly
half a century, are in total denial about how bad the situation
really is. Arnold the Barbarian is fast becoming the Mouse that
Roared and spending his days in Sacramento, planning his movie
comeback. Arnold promised big things years ago, but when the
sledding got rough, he crumbled like a Keebler cookie and took his
marching orders from his wife, which were to talk like a Republican,
while advancing the Democratic agenda.
To give you an idea of what happens when unions take control of a
state, listen to this.
California pensions are set with a formula that takes into account
age, years of service and final year's pay. Police and firefighters
(and I'm not picking on them), earn 3% pay, for every year served.
So an officer with a 25 year career would be entitled to 75% of his
or her pay, for life.
But...many municipalities allow retirees to tack extra pay
categories onto their final year's salary, pushing the pension
higher and abuses abound all over the State.
In Contra Costa County, for instance, a retired fire chief, earning
$233,000 a year, was able to draw a pension of $284,000 a year, by
tacking on unused leave benefits to his final year's pay.
This is called "pension spiking" and it is supported by all of the
unions in California. There is an effort underway to reform the
system (which is unsustainable), but it is being fought, tooth and
nail, by the unions. Arnold says he is for reform, but he'll have to
check with his wife. Right now there is zero chance that there will
be any pension reform in California, which is headed for bankruptcy.
Arnold has been pleading with Obama for $50 billion dollars, but it
isn't coming anytime soon. $50 billion is a lot of money, but the
reality is that it would keep California afloat for only one year.
New York is only a shade behind California, the only difference
being that the weather is better in California. Fifteen other states
have serious financial problems and they're getting worse.
What do they have in common? They are all controlled by Democrats.
Somewhere along the line, Democrats got the idea that all the
peoples' money belonged to them. Then recently, they got Republicans
to agree. The Tea Party served as a wake up call to the Republicans,
but Obama and company still haven't gotten the message. But not to
worry, Barack and Michelle are headed to Martha's Vineyard, for ten
days of rest and relaxation. This will be vacation number nine this
year for Michelle, the most relaxed First Lady in history. (Makes
you wonder what they cut back on?)
Just remember, when Obama says he supports the working man, he
doesn't mean you, or me. He means he supports the unions, who are
now fleecing the public in a way that Jimmy Hoffa never even
imagined. I can just hear him, "...and all this stuff they convicted
me of...now, it's all legal!"
Whenever I hear Democrats talk about money, I always remember what
some witty scalawag said many years ago. "John D. Rockefeller had a
shipload of money, more than most of us can imagine. Now, thanks to
sound financial planning, he's dead."
Spend it while you still can!
by: Dr.Bill
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