Actually, the taxpayers who will bail them out are. The Financial Times reports US public pensions face $2,000bn deficit The US public pension system faces a higher-than-expected shortfall of more than $2,000bn that will increase pressure on many states’ strained finances and crimp economic growth, according to the chairman of New Jersey’s pension fund. The [...]

California’s Budget Battle in 2009 was nasty. This coming year, expect even more drama. Oh…and expect drama for the next decade too. IOU’s? Bank on it. More State Employee Layoffs? It’s in the bag. More School Cuts? You Bet. Legalized Marijuana? The talk with get much more serious in the next year or two. Bankruptcy? [...]

Think 13% is too dire? This week David Rosenberg said unemployment would rise to between 12-13%. The former Merrill Lynch economist was one of the few mainstream economists who called the recession and the credit crisis. The so-called “Blue Chip” economists told us at the beginning of 2008 that unemployment would peak out at 6%. While Rosie is not optimistic of late, he has a rather solid record of being right.

We are at 10.2% unemployment today. The economy lost jobs for 21 months after the end of the last recession. That would easily take us into 2011. Another million lost jobs will take us well over 11% and close to 12% (remember, you have to add in the increasing population), even without my double-dip scenario.

The Elites of the Savior State are making up their declining tax revenues via grabbing private property under the guise of “punishing criminals.” Sounds good until the criminal is you and your crime was unpaid traffic fines. One key feature of Third World Kleptocracies/Police States is illegal search and seizure. Read the story below for [...]

In a drastic move to cut the state budget, Hawaii is reducing the number of school days from 180 to 163. Kids from all over the islands rejoice. Curiosly, part of the agreement also postpones random drug testing for teachers… From the Associated Press In Hawaii, school’s out for recession At a time when President [...]