Posts Tagged: welfare
Binders and documents relating to wage information. (Photo: Tashatuvango, via Shutterstock)
The California minimum wage increase has been approved. The minimum wage will rise by $1 per hour through 2022, up to $15. There are significant costs to employers, both public and private, besides the $5-per-hour increase. Inflation is one of those costs. Let’s look at the real results and implications of what our elected officials have done to us and for themselves on many levels. And let’s find the unintended consequences.
The New York Stock Exchange on Wall Street, New York. (Photo: Wikipedia)
The way our government accounts for public employee pension promises is nothing short of fraud, yet no public official has gone to jail or paid a price for what surely ranks among the largest muggings of citizens in US history. Let me explain. As the stock market reaches record levels, little is heard anymore from public officials who used to blame market declines for rising pension costs.
The total spending increase needed to get CalSTRS, brought low by mismanagement, back to full funding may be the biggest-dollar scenarios ever presented to a California legislative committee. Legislators were told last week an additional $181.7 billion would be needed for full funding in 20 years. If payments are spread out to ease the budget bite, the additional amount needed to reach full funding in 60 years is a staggering $618 billion.
State Capitol, Sacramento. Photo: Wikimedia
The new poltical landscape reflects such things as redistricting, the top-two primary and the majority-vote budget. Partisanship even seems to be waning –gasp! — in Sacramento, as some Republicans crossed party lines to support driver’s licenses for undocumented immigrants and liberals behaved pragmatically in order to pass a fracking bill. Does a new day loom in the Capitol? The Millennials hope so. (Photo: Eddie Villanueva)