"kujebak" <***@eudoramail.com> wrote in message news:67e172e3-fbec-47ef-a742-***@u9g2000pre.googlegroups.com...
On May 18, 5:23 pm, ac
Post by kujebakPost by acWall Street Journal
Californians head to the polls Tuesday to decide the fate
of six ballot initiatives, all of which are ostensibly
designed to combat the Golden State's budget crisis. If the
polls are right, all but one of these measures will crash
and burn -- and by wide margins. A reckoning for liberal
tax and spend governance may finally be arriving...
Continued:http://online.wsj.com/article/SB124259847829628121.html
California state retirees are entitled to 90% salary
pension benefit, not at the statutory retirement age
of 65, as every other private sector working stiff, but
as early as the age of 48. 5000 state retirees currently
receive pension benefits in the 6 digits.
http://tinyurl.com/rygbgy
Despite all the fiscal ballyhoo media prevarication
accompanying the state ballot propositions, and the
dire state of the state's economy, not a single state
employee has lost his job yet.
California's so called fiscal crisis has clearly come
to a point where the only solution to it appears to be
defenestration. This includes our no longer esteemed
celebrity governor.
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California government retirement plans typically are waaaaay out of whack
with retirement packages in industry(aka..the people who have to actually
pay for the government retirement plans). For example, a non-union
aerospace worker might be entitled to a 40% of salary retirement package
after 45 years of service with that one company. AND there would likely be
no health benefits at retirement.
Then there are those workers who do the best they can, and end up with NO
retirement pension or health benefits.
The natural reaction of the CA government employees is to not cut their
benefits, but to provide higher benefits for non-government employees. That
plan gets lost in the details of how to pay for it.