If you really want to understand Californiaâs pension problems, read this article. It's long and it rambles a bit, but it lays out the economic picture. California and Bust http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111 âIt shows that the cityâs [San Joseâs] 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 yearsâ time pension costs alone would come to $400 million, though âif you were to adjust for real life expectancy it is more like $650 million.â 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.â *********** In 1998, public employee retirement costs were 3% of the Los Angeles city budget. In 2008, public employee retirement costs were 8% of the Los Angeles city budget. In 2018, public employee retirement costs will consume almost 20% of the entire budget. In 2030, retirement costs will consume over 40% of the budget. Under California law, the taxpayers are on the hook for every penny. Many legal experts say thereâs no way out.
It's good you realize that your posting of the wiki, and subsequent attempt at making it seem like I had no idea there were other bankruptcies, was essentially talking out of your ass (like you usually do). I appreciate your trying to tie this to an "the end of America" theme in hopes to redirect the topic from your aforementioned idiocy, but no one here is fooled. Ole'! Right? You know, you should probably put me back on ignore so you don't accidentally enter debates with me and come out looking like a heel.
Forgot about this awesome thread. âSubstantialâ Portions of Toyota HQ Relocating to Texas Texas Governor Rick Perry has been traveling the country selling the Texas model to high-tax states in an attempt to lure corporations to the Lone Star State. On April 28, one corporation is expected to announce a move to Texas. Businessweek is reporting that Toyota Motor Corporation will be moving a âsubstantialâ part of its U.S. headquarters to the Plano, Texas area. âToyota has more than 5,300 California employees, most at its Torrance campus in sales, finance, marketing, engineering and product planning. Details on which functions will move and when may be announced as soon as today, after the employee meeting. When Nissan Motor Co. (7201) moved its North American headquarters to lower-cost Tennessee in 2006, only 42 percent of employees initially chose to relocate. The new regional sales headquarters may be in or near Plano, Texas, said three of the people who asked not to be named as the plan isnât yet public. The majority of Toyotaâs Torrance operations may move to Texas over a two-year period, the people said.â According to KFYO-AM Lubbock, Governor Rick Perry had visited California again this past March for three days. During that trip, which was paid for by Americans for Economic Freedom, a TV and radio ad campaign bragged roughly 50 companies that had recently left California for Texas. The anticipated announcement would add to Perryâs message about Texas being on the right track for job creation and a welcoming environment for corporations. Chad Hasty is the host of the Chad Hasty Show on KFYO-AM Lubbock. Follow Chad on Twitter @ChadyHastyRadio LINK