NJ has whopping 137,621 state employees. 4,496 of them make $100K and more.
“If you want to understand better why so many states—from New York to Wisconsin to California—are teetering on the brink of bankruptcy, consider this depressing statistic: Today in America there are nearly twice as many people working for the government (22.5 million) than in all of manufacturing (11.5 million). This is an almost exact reversal of the situation in 1960, when there were 15 million workers in manufacturing and 8.7 million collecting a paycheck from the government.”
“The Virginia Retirement System currently faces an unfunded liability of $17.6 billion, according to the letter Governor Robert McDonnell sent Tuesday night to the Virginia House of Delegates explaining why he had not signed the funding plan.”
While Wisconsin was getting all the press, protests and outside attention, Ohio has gone forward with a new union restraint law that effects a much larger union government workforce than Wisc, 360,000 govt workers. This gives the state a shot and getting its budget under control.
“Ohio is far more important to the union movement. It has the nation’s sixth largest number of public sector union members, which is twice as many as Wisconsin.”
Hamtramck, MI is wanting to file for bankruptcy. Others are possible.
A very diverse group of people such as hedge fund guru George Soros, JPMorgan’s CEO, economist Nouriel Roubini, financial expert Meredith Whitney and Bill Gates warn that local government finances are embarrassingly defective, if not criminal or highly unethical, and that there are likely to be many local bankruptcies and many municipal bond defaults.
Very interesting video of former LA Mayor. LA financial situation is totally unsustainable.
Watch the video.
“Financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.“
California has an $86.6 billion budget, and already has a $25.4 billion shortfall. Are you kidding me?
What geniuses ran this huge government monstrosity into the ground?
And guess what the state debt is. It’s $290,855,041,516 – or – $290+ billion for those of you who don’t like counting numbers and commas.