You may have heard recently that (depending on how you add it up) the United States owes more money than there is in the world. Well, that's nothing, we can always print more right? Consider now the state of the State of California, where a few public union pension plans have a little problem. The vote-buying by the idiot politicians in California got a bit out of hand, and by 2012 their pension promises add up to 550% of the total tax revenues for the entire State.
No roads
No schools
No police/fire/EMT services
No libraries
ALL of the money that is anticipated to be brought in, is not enough to make a dent in public union benefit promises. Perhaps the promises will have to be revised a little? Certainly the unions will see the wisdom in this, and not protest/riot/strike like they currently are doing in Greece and France, right?
Right?
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