1. The average full career (30 years work) pension for a retired public employee in California was $68,673 in 2015, not including benefits. This is in comparison to the average pay (not including benefits) for an active full-time worker in the private sector in California, which in 2015 was $54,326, and to the maximum Social Security Benefit for a high wage earner retiring at age 66, which in 2015 was $32,244. Put another way, the average public employee retiree with 30 years of service collects a pension (not including benefits) that is 26% greater than the average pay for a non-retired full time private sector worker, and more than twice the maximum Social Security benefit.

  2. Time to end this public employees fraud perpetuated onto taxpayers of California. Transfer them to 401K type plans, which limit employer contribution (if any) to maximum 4% of salary, no cost of living adjustments, no medical and no spiking to fraudulently increase amount of pensions. Public employees voted themselves juicy pension. Time to end this bonanza. NOW!

  3. these people voted wrong california vote democrat and anything a democrat touches turns to shit let california collapse the democrats that are in office will resign their post have an emergency elections and they would need to vote right that means no bernie sanders joe biden hillary clinton other wise they will get a second helping of the same shit and then everything will straighten out

  4. California is currently over minus – $150 billion in the red for pension obligations. Brown and the Legislature simply ignore THAT expense…. In order to claim they 'balanced' the budget, after NUMEROUS new taxes & tax hikes!

  5. The government promised old people Social Security and Medicare. Both programs went broke after the government only gave the programs to one generation – the World War II generation. The government gave the programs to those who had paid in almost nothing and so they got huge windfall profits.

    Next, Obama made Obamacare and took $750 billion out of Medicare to fund Obamacare. That's one reason Trump won. Life long Democrats turned to the Republican party to keep their Medicare and Social Security. The 75 million old baby boomers became new Republicans because the Democrats took so much of their Medicare funding for a new Democrat give away program.

    Wash, rinse, repeat. The Dems promise all city, county and state government workers huge pensions with early retirement. Work 20 years and get 90 percent of your salary in a pension while you paid in only 3 percent. Magic. It's magic. So now, of course the Dems are going to cut those pension promises by 90 percent cause the Dems need illegals voting for them, they need the welfare vote to win. So now, same as how the old folks turned against the Dems, now the government workers will end up turning against the Dems. The Dems end up with only the welfare vote and the illegal vote. This is how the Dems roll. Promise big money to people in exchange for votes and then take the money away once they need another group of tax dependent voters to vote for them. If welfare should end, the Dem party folds, it ends.

  6. Well the Stock Market will go " higher " but we will Pay More for Basic Things ..!!!!😕😕😕😕. Inflation wil
    Eat up the purchasing power of our USD …

  7. CA did this to my husband last year. We had lived there for 7 yrs and moved quickly in June 2017..to one of the top inbound states in your video from 2 weeks ago. So happy in our new location and grateful to be out of there.

  8. CA has reduced its debt to $6B (from $35B), saved $8B in a rainy day fund, and operated 2017 with a $6B surplus. I agree that exploring pension modification is scary, but I don’t think your story accurately represents CA’s financial picture. How do you regard CA’s overall financial condition?

  9. I think the government elected officials should have all their assets sized to shore up the funds that over spent or voted for those spending bills. To partially shore up the fund.

  10. It's not just California it's Social security and all pensions and it's all our fathers generations that outsourced etc. Actually California is perfect to grow food and livestock go where it's green. Oh I'll never leave CA it's my state I'll die with.

  11. this is a very very vicious cycle….you have robots replacing people (fast foods, etc) and you have less manufacturing which puts more people on Govt dependency and intern is less taxes for the state…grab your popcorn, this will be fun to watch…

  12. There must be consequences for reducing pensions. A lot of people chose their jobs and carriers also based on future wellbeing….meaning they were thinking decades ahead to have financially safe retirement. By making the cuts, the state government is basically breaching a contract with those employees. If the employees knew that their pension will be cut, they would choose different carriers and most likely better paid too. Which also means that the people could and would choose a different retirement option. The state is opening itself to a huge huge lawsuit. The sad thing is that the pensions are just a scapegoat for Brown’s faild management. He’s dumping millions into social services for those who do not, never did, and never will contribute to the society. 1917.

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