I should add that I realize the issue with government pensions. If the money for the pension comes from a different budget than that of the organization doing the hiring, you'll end up overpaying people. My point was aimed at the "I can't believe pensions exist at all anymore" idea.
And part of that pay includes a pension - which is a promise to pay later for work done now.
You didn't see 60 Minutes this past Sunday did you ?
Congress will be passing a law this year to stage controlled bankuptcies of gov'ts and public entities which will effectively cancel the union employment agreements.
Gone are Pensions, Medical, Dental, Life, Eyecare benefits. Gone are outrageous salaries. Gone are excessive holidays. Gone are paid summer vacations for teachers.
The St Govt, Fed Govt, City Govt, County Govt, Transit Agencies, School Boards, Public Collegs, etc. are bankrupt. They have no money to pay. No taxpayer money. No sales tax money.
The only option civil servants, safety workers, militants, and teachers will have if they don't like it is to quit their jobs and join the private workforce. Good luck, there's 25% effective unemployment nationwide.
On, and also Municipal Bonds are predicted to take a crash, the Muni Bond Bubble has collapsed. That will take down private sector pension funds with it.
High Speed Rail is economically the smart thing to do.
Japan and Europe have relied on High Speed Rail for 50 years.
Finally, California will begin construction soon.
Bakersfield is getting a bullet train terminal.
Not a Chance in Hell wrote:
Based on 60 Minutes tonite there's No chance for High Speed Rail with the state and federal govts about ready to default on pension plans for civil servants, teachers, safety workers, and military. Looks like a massive 'controlled bankruptcy' like GM has is in store for state and federal govts. I expect pensions plans to be cancelled and paid out as is health care insurance eliminated for existing employees. New employees won't be offered any pensions or insurance.
.
Well, at least our billionaires will get richer
Medals are won by Californians wrote:
Japan and Europe have relied on High Speed Rail for 50 years.
....and they are both heavily indebted and on the verge of bankruptcy. And the marginal gains in output do not have any sort of IRR to warrant this investment in HSR.
Thank god it will die....silly...
High Speed Rail has brought Europe and Japan untold riches. It's the best public works project that the United States can do. Imagine linking every big city in America with Shinkansen like service of trains every 5-20 minutes from 4AM to 1AM weekdays. The fossil fuels would stop killing millions of people each year. Fewer car accidents, hospital stays, lung cancer, etc. The amount of money Europe and Japan has added to their economies with HSR is enormous. That's why California, China and South Korea have focused the future on High Speed Rail. Hope this helps.