Archive for the ‘unions’ Category
Meant to put some of these up with Tuesday’s roundup and just misplaced them:
Six California counties with their own pensions (instead of paying into the Golden State’s Public Employees’ Retirement System) would actually have to pay down $10 billion in pension deficits, versus the $4 billion they currently report bad on inflated rates of return. As a result, these counties would be expected by bondholders to pay out $1.4 billion a year just to pay down their pension deficits, more than double the $640 million they currently pay. For Contra Costa County near San Francisco, the percentage of property tax dollars devoted to pension deficit pay down would increase from 33 percent to 54 percent, crowding out funding for basic municipal activities. In short, these governments would be considered technically insolvent under Moody’s model.
Another quick roundup of Texas’ economic strength, and California’s blue state decline:
Judging from the Fiscal Cliff votes, the United States appears to be eager to follow in the footsteps of Greece and California, rushing to unsustainable spending, crushing debt loads and inevitable bankruptcy, rather than following the lead of Texas and the Red State model of debt-free limited government and free enterprise. So let’s see where the two states are, shall we?
Despite union threats to throw twice as big a hissy fit as Wisconsin liberals, Michigan Gov. Rick Snyder signed right-to-work legislation today, breaking the union stranglehold on jobs in the state. As in Wisconsin, expect union members to start keeping their own money in droves rather than give it to union bosses and the Democratic party.
In related news, peaceful union protestors stood aghast as aggressive Steve Crowder repeatedly drove his menacing face into an innocent Michigan union member’s Fist of Happiness:
Another quick update on the respective fates of our nation’s two biggest states: