San Diego And San Jose Approve Pension Cuts In A Landslide Vote Read more: http://ww

[tomdavis]

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/

Stanford’s study also estimated that each of the city’s 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 Employees’ Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees’ Retirement System is $6.59 billion unfunded.

 

[Banjo]

Quote from tomdavis:

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/

Stanford’s study also estimated that each of the city’s 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 Employees’ Retirement System is $11.32 billion unfunded; and the city of Los Angeles Water and Power Employees’ Retirement System is $6.59 billion unfunded.

http://www.mercurynews.com/californ...on-officials-ready-bankruptcy-plan?source=rss

 

[Ricter]

Sure are a lot of money renters in this world looking at "haircuts" these days.

 

[OccupyThis]

Quote from achilles28:

Apparently both Greek frontrunners are campaigning to roll back austerity measures, restore guv salaries and benefits *AND* stay in the Euro. It's really incredible. Europeans are completely delusional. At least the Tea Party have an inkling that market forces won't accept US debt-to-GDP >130%.

"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!