Insurances.net

subject: California On The Edge Of Financial Abyss [print this page]

While President Obama, Vice President Joe Biden, Senate Majority

Leader Harry Reid and Speaker Nancy Pelosi are jetting about the

country, raising money for the fall election and touting the

"Recovery Summer," you should be paying attention to the state of

California, which is teetering on brink of a total financial

meltdown.

California Democrats, who have controlled the statehouse for nearly

half a century, are in total denial about how bad the situation

really is. Arnold the Barbarian is fast becoming the Mouse that

Roared and spending his days in Sacramento, planning his movie

comeback. Arnold promised big things years ago, but when the

sledding got rough, he crumbled like a Keebler cookie and took his

marching orders from his wife, which were to talk like a Republican,

while advancing the Democratic agenda.

To give you an idea of what happens when unions take control of a

state, listen to this.

California pensions are set with a formula that takes into account

age, years of service and final year's pay. Police and firefighters

(and I'm not picking on them), earn 3% pay, for every year served.

So an officer with a 25 year career would be entitled to 75% of his

or her pay, for life.

But...many municipalities allow retirees to tack extra pay

categories onto their final year's salary, pushing the pension

higher and abuses abound all over the State.

In Contra Costa County, for instance, a retired fire chief, earning

$233,000 a year, was able to draw a pension of $284,000 a year, by

tacking on unused leave benefits to his final year's pay.

This is called "pension spiking" and it is supported by all of the

unions in California. There is an effort underway to reform the

system (which is unsustainable), but it is being fought, tooth and

nail, by the unions. Arnold says he is for reform, but he'll have to

check with his wife. Right now there is zero chance that there will

be any pension reform in California, which is headed for bankruptcy.

Arnold has been pleading with Obama for $50 billion dollars, but it

isn't coming anytime soon. $50 billion is a lot of money, but the

reality is that it would keep California afloat for only one year.

New York is only a shade behind California, the only difference

being that the weather is better in California. Fifteen other states

have serious financial problems and they're getting worse.

What do they have in common? They are all controlled by Democrats.

Somewhere along the line, Democrats got the idea that all the

peoples' money belonged to them. Then recently, they got Republicans

to agree. The Tea Party served as a wake up call to the Republicans,

but Obama and company still haven't gotten the message. But not to

worry, Barack and Michelle are headed to Martha's Vineyard, for ten

days of rest and relaxation. This will be vacation number nine this

year for Michelle, the most relaxed First Lady in history. (Makes

you wonder what they cut back on?)

Just remember, when Obama says he supports the working man, he

doesn't mean you, or me. He means he supports the unions, who are

now fleecing the public in a way that Jimmy Hoffa never even

imagined. I can just hear him, "...and all this stuff they convicted

me of...now, it's all legal!"

Whenever I hear Democrats talk about money, I always remember what

some witty scalawag said many years ago. "John D. Rockefeller had a

shipload of money, more than most of us can imagine. Now, thanks to

sound financial planning, he's dead."

Spend it while you still can!

by: Dr.Bill

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