CalPERS Aristocracy - Public Pension Reform Parody

This wonderful video explains a big part of why California is going bankrupt with an estimated $25B budget deficit for the current fiscal year with revenue of roughly $83B.

2010-11 $20B Budget Shortfall

• $6.6 billion: Current budget year shortfall due to slow revenues and nearly $5 billion worth of federal and state court decisions that mandated spending on programs cut in the 09-10 budget.
• $12.3 billion: Projected shortfall for 2010-11 due to unfunded mandates and a still slow economy.
• $1 billion: Modest reserve.

I read this $20B shortfall relies on moving anther $5 to $6B into 2011-2012 so the actual amount we Californians are in the hole is over $25B.

What is amazing is here in CA we have:

• 9.75% sales tax in some counties like Los Angeles
• 10% income tax on top earners
  Tax Rates by State
• very high property costs.  The property tax on the average home in Santa Clara County is close to $10,000 a year.  
• We have extra taxes on gasoline that is supposed to help build and maintain our roads. I paid $3.49 per gallon for 91 Octane (1994 Corvette) just the other day.

and yet the California government can't balance its budget!