“Average annual pay for a local government employee in the state rose by 60%, to $61,185 (excluding benefits), between 1999 and 2008. That’s about 70% more than the increase in private sector wages in the state over the same period. Average pay for cops and firefighters climbed 69%, to $89,056, again excluding benefits, in the same period. Benefit costs have soared even more than wages. The annual cost of funding pensions in California’s 20 largest municipalities has grown from $1.3 billion in 1999 to $5.1 billion last year, according to a study by Stanford University professor Joe Nation. That’s an annual growth rate of better than 11%.”
http://www.economicpolicyjournal.com/2012/08/more-data-on-why-california-will-become.html
(Visited 39 times, 1 visits today)
Related posts:
Australia Joins The War On Cash While Venezuela Backtracks Cash Ban
Dominoes
"Why does Anyone in this City Need a Gun?"
Why Is My US Brokerage Firm Closing My Account?
Ta-ta UK freedoms! Miranda matter outs vindictiveness of wounded police state
Civil liberties may not survive the 'Gorgon Stare'
NSA Subversion of the Constitution Warrants Impeachment Investigation
Oregon 'Pay It Forward' Tuition Plan Punishes Graduates’ Success
Portrait of a Drone Killer: ‘I Have a Duty, and I Execute My Duty’
Secession Fever Sweeping Europe Meaningless Without Debt Repudiation
The Attack on U.S. Property Rights Continues
Bill Bonner: America’s faith-based economy
No Rose Can Mask the Stench of Obama's Tyranny
Bill Bonner: This is not a normal economy at all
Why S&P is in the Crosshairs of the Department of Justice