Down Down Down Goes Obama Job Approval

The ONLY reason that they shed public service jobs is to continue the stream of payments to the legacy sector. It's why we continue to see service cuts, while states scramble to find "innovative" new ways to pick the pockets of the taxpayer to fund the transfer payments to the underfunded pension system.

 

We can't allow Ovomit 4 more years. He will manage to destroy America if he gets another 4 years.

 

Yes, The whole system is one rotten corrupt mess.
The current public sector jobs bill Obama is hawking will create 50 million dollars in union dues and a lot of that will cycle back into the Democratic party.

 

So why does he give so much ground to the reps? Because the reality is he has to?

 

There's a great article about this that recently appeared in Vanity Fair Magazine.

The article uses San Jose (California) as an example. Over 50% of their budget is consumed by retirement/pension benefits, and it will soon be over 75%. They've had no choice but to lay off over 2000 city workers.

The article is long and rambles a bit, but it accurately describes the bleak economic picture in California. I'm sure it's a similar in story a lot of other states.

California and Bust

http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111

It shows that the city’s [San Jose’s] pension costs when he first became interested in the subject were projected to run $73 million a year. This year they would be $245 million: pension and health-care costs of retired workers now are more than half the budget. In three years’ time pension costs alone would come to $400 million, though “if you were to adjust for real life expectancy it is more like $650 million.” Legally obliged to meet these costs, the city can respond only by cutting elsewhere. As a result, San Jose, once run by 7,450 city workers, was now being run by 5,400 city workers. The city was back to staffing levels of 1988, when it had a quarter of a million fewer residents… By 2014, Reed had calculated, a city of a million people, the 10th-largest city in the United States, would be serviced by 1,600 public workers.

 

I think the only way out for these municipalities is bankruptcy so they can restructure their pension plans. On the state level it is going to be a much tougher decision to make.

 

"As an American I am not so shocked that Obama was given
the Nobel Peace Prize without any accomplishments to his
name, because America gave him the White House based
on the same credentials."
~Newt Gingrich

 

Exactly!

 

Newt's a crafty old politician. He sums up the obvious quite nicely.