"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress." —John Adams, US diplomat and politician, 1735-1826

We the People...

ON THE MONEY TREE

18 NOVEMBER 2009

FISCAL INSANITY - Alan  Hemphill 

The number of California public employees RETIRED and getting more than $100,000 in annual pension payments grows – daily.

Today’s totals are from CalPERS (politicians and cubicle workers) is 6,133, and from CalSTRS (school administrators and teachers) has reached 3,090.

For the math challenged, that is a total of 9,223 – and growing daily.

Since neither CalPERS nor CalSTRS can meet their pension requirements – figured on a 7.75% annual ROI, both will require a “contribution” from the taxpayers.

And soon.

The CalPERS union-dominated board, under pressure from California legislature to tone down their requirements – not to mention both California and New York investigators for fraud/kickbacks – is examining a 30 year dampening scheme for their massive losses similar to other states that are examining a 5 or 6 year scheme.

The state budget is already three times higher than it was predicted to be in just July, so the pressure is on in all directions, and time is running out.

California, which had the largest tax increase of any state in history just last year, is sinking.

"The Money Tree?" YOU and ME... Mr. and Mrs. California Taxpayer. –Webmaster