Interesting article about pension issue in CA

[Sport]

I know the money issues in CA draw out very clear reactions but this article does a fairly good job of highlighting everything that has contributed to the cause. Here is the best quote from the article:

“We didn’t have very many people looking out for the taxpayers when these deals were negotiated,” San Jose Mayor Chuck Reed, 63, said in a telephone interview.

Here is a link to the article: Police Chief’s $204,000 Pension Shows How Cities Crashed

Regardless of what happened in the past, the fix is going to be really painful. Hopefully California doesn't end up like Detroit.

[MarinePride]

Come hell or high water those pensions due are going to get paid, unless the whole state goes BK. Could you just imagine all of the pissed off former public servants? I'm onboard for the BK. There is no way to people who are paying the taxes should be on board for these exorbitant pensions. All of the pensions deals were sweetheart deals and need to be nullified for the good of the state.

I moved out of there in 2005 because it sucked so bad and it is obviously getting worse. The people who make the money have been leaving for well over 15 years now. All that is remaining is the low life trash, to a very large degree. Why would the smart money want to stay in a state that's only solution is to tax the crap out of the producers? The best thing for the state is BK at this point, just to get off the hook for the pensions they cannot afford because all of the old promises were all BS.

[Mr Paradise]

http://www.reuters.com/article/2010/...66M5A420100723