Pension Reform - Weekly Address - 08/27/2010

This week, I wrote an editorial for the Wall Street Journal about a problem that California has been sweeping under the rug for years. It is about the unfunded retirement promises for government employees - that is what I want to talk to you about today. See, this is a major, major problem and is a huge challenge for our state. I know that some critics have accused me now of bullying state employees when I call for an end to the runaway spending on retirement benefits which is, of course, a bunch of nonsense...

Category:

News & Politics

Tags:

• pension reform
• governor schwarzenegger
• california
• arnold
• california report
• runaway spending

[fitnawilders]

GET TO DA CHOPPA!!!

[FLF355]

You're a god, Arnold. It's great to see how passionate you are about reform that truly would make the lives of your citizens better. It is inspiring.

[mitochondria09]

Arnold you girly man, why did you remove my comment. I called you out for what your leadership or lack thereof was. More liberal spending and not enough fiscal discipline. You went as far as to state that if you could you would create/inflate the money to pay for the shortfall. You really should have paid a bit attention in Austrian school...especially in economics. Why was my factual comment removed?

[MrTJBrand]

@mitochondria09

This baffoon talks about a spending problem but doesn't acknowledge it was his. He spent $48 billion more during his tenure than the 3 governors before him combined. We had unprecedented revenues and didn't save any of it. Just google California Spending SCO and select the site that says, " Controller Office: State Spending".

[MrTJBrand]

More True Lies from the court jester. There are no unfunded liabilities in the pension. California does not have a huge increase in state workers. Prop 13 shifted teacher salaries to the General Fund and the initiiative CA voters approved Prop 98 in 1988 set minimum teacher ratios and numbers of teachers according to population. This is the growth he calls state workers. The population grew about 10 million in those years. Atsa lotta people.

[verysmartdude]

PERS has to project into the future so the unfunded liablity would be if every State employee worked 30 years and collected a pension, there may be a problem. It's like buying a new house and you put 10 percent down, you can still make the payments easily but your bank account would have to funded to be able to pay the house off in full. Only 10 percent retire, PERS still has to fund as all of them make a 30 year career, that were the unfunded liability comes from, it's not really there.

[mitochondria09]

@FLF355 very inspring isn't it. Now if Arnold would have only realized what was/is going on prior to leaving office. It's not a new thing, his job didn't start today. Arnold walked into a very lucky situation and he didn't do anything with it. People in California were upset with Grey Davis. The Real Estate and Credit Bubble created by the Fed and Federal Government increased the revenue to the State of California severalfold. What did AS&California do with that opportunity? Absolutely nothing.

[anubismoon2010]

i developed a way to mass produce my roswell substance by using bees wax. when i put my finger tips into the hot wax it hardened to the shape of my fingers. when i move my fingers around, you can feel the strong quantum frequencys like a strong magnet. now i have the ability to control things around me just by using my fingers. my goldfish freak out when i control them with the fingertips. if you want to do a movie, let me know and you can take a look at my equipment for the show. need an extra?

[anubismoon2010]

funny thing happened today. I opened a beer and put it next to my quantum generator. next thing you know my beer started smoking. and im not kidding you arnold. this is some serious stuff. Its unbeleiveable how low humans will stoop to tourcher others. by now I know you all think i belong in a looney bin but i am not pulling your leg on this one. i know its the carpet bombers overhead. i wish someone would come out and you can see yourself how much power this thing is puttn out.

[Bug1s]

cmon where is arnold who killed smashed heads missed this guy in movie busines

[anubismoon2010]

i got shot in the throat with one of them micro weapons for telling on the DWP. at least i know they are suffering or they would not of shot me. just keep an eye on the radar and you will see them throw a temper tantrum HA HA HA HA HA HA HA