Most California cities are on the verge of economic collapse. When I say most, I mean most. In Los Angeles, the state's largest city, employee retirement benefits have grown from 8% of budget to over 15% in the past decade and will top 30% of the entire budget by 2025. http://articles.latimes.com/2012/apr/07/local/la-me-la-insolvency-20120407 Los Angeles' top budget official raised the specter of bankruptcy Friday in a sweeping report that calls for new taxes, possible layoffs and the privatization of some city services. http://www.calwatchdog.com/2012/04/30/los-angeles-teeters-on-the-brink-of-bankruptcy/ Stanfordâs study also estimated that each of the cityâs three independent pension funds is unfunded by billions of dollars: the city of Los Angeles Fire and Police Pension System is $9.25 billion unfunded; the Los Angeles City Employeesâ Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employeesâ Retirement System is $6.59 billion unfunded.
"Socialist Francois Hollande cut the retirement age in bankrupt France yesterday. Workers can now retire at 60 instead of 62. The committed socialist will pay for it by increasing taxes." Kabooooooooom!