It goes like this: politicians, via the political process, beef up the compensation, benefits, pensions and job security of government workers (from teachers to bureaucrats on both the federal and the state level) who, in turn, happily vote for those same politicians when their terms are up. Of course, in order to keep those votes bought and paid for, compensation for government employees has to be continually sweetened ~ an unending cycle of increased costs paid for by taxpayers.
Thus, the tremendous budget meltdowns in left-leaning states like California. But, as someone says, the chickens have come home to roost:
The Washington Post
The Washington Examiner
While California Democrats, for the most part, held onto their seats on November 2, their state is a fiscal disaster.
My pull quote & emphasis from an article on California Watch:
But the latest report from current state Treasurer Bill Lockyer says the state now has $77.8 billion in outstanding general obligation bonds – nearly triple the amount of seven years ago – and an additional $42.8 in authorized but unissued bonds.
General obligation bonds must be paid from revenues coming from the state's general fund, meaning that debt payments reduce funds available for other services.
In fact, along with its overall debt burden, California
Wow. California's fiscal problems aren't due only to political payoffs to government employees, but they play a large part. Out of control entitlements, used just as effectively to buy votes, have become unsustainable as well. Forget about earthquakes, California will implode before The Big One hits.
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