California's 1AM news report
* California is 500 Billion in the hole.
* California has sworn another 5 Billion in pension promises
* A Sheriff recently retired with $143,000 per year and will receive a one-time vacation pay of $183,000
* The taxes collected for pensions have increased 300 percent since 1997
* The average California pensioner works 19 years and collects a pension for 30 years
(and offen gets another job)
* The debt breaks down to $30,000 per household
* The government agency that secures pensions is 47% in the hole.
* The teachers pension plan is 67 Billion underfunded
The California Public Employees Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS) are the largest pension, systems in the US. Over the course of 2008 and 2009, CalPERS lost over $67 billion in income from risky investments, wiping out half of the gains made by the fund from 1999 to 2007. As a result, CalPERS yearly return on its investments has fallen from an average 8.8 percent during the period 1982-2009 to 2.5 percent today.
The city of Stockon is the largest city to file for bankruptcy in history.
it owes over 800 million
house prices lost 70% of value sine 2006
Jerry Brown is facing the same problems he did 30 years ago.
if he can't talk the public into voting themselves a tax hike in November, the city will be forced to cut back on the perks.
the news media said "the Democrats have no one to blame but themselves"
WOW! a Los Angeles news reporter said that! ...at 1AM