“Liberals fought poverty and poverty won.”–Ronald Reagan
So now they’ve declared War on Prosperity instead.
Via Mish’s, a couple from SFGate:
Oakland voters will likely be asked in November to approve higher taxes to halve a $42 million deficit, but even if they agree, the city will face an even deeper crisis within months.
Ballooning pension costs will push the city’s projected deficit to $58.7 million by July 2011.
The biggest portion of that budget shortfall is a debt payment of $43.9 million due July 1, 2011, to the old Police and Fire Retirement System. The payment would be more than 10 percent of the roughly $400 million city budget.
Oakland teachers are ready to strike again if necessary if talks sour at the bargaining table, union officials said Tuesday. … Union leaders have said a raise must be part of any deal.
Administrators have said they can’t afford it, given an $85 million budget shortfall for the next school year.
Before he began using his Attorney General’s office strictly for political prosecutions, Jerry Brown left Oakland in shambles. Now he wants to be governor again.
Possible solution for Oakland: a mining tax, like Australia’s!
The first mining deal that’s been allegedly killed by Kevin Rudd’s huge new tax:
The Rudd government’s proposed 40 per cent Resources Super Profit Tax announced Sunday has been slammed by the industry, along with BHP Billiton’s Marius Kloppers and Fortescue Metals Andrew Forrest, and yesterday caused $9 billion to be wiped from the value of the ASX’s top 100 miners.
Mr Sage today said on Perth radio station 6PR that the company would put exploration activities at its Cape Lambert south iron ore project in the Pilbara planned for the second half of 2010 on hold because of the tax measures.
Cape Lambert said it would now shift its exploration activities to its projects outside of Australia.
Money lost, jobs lost. Senior dealer Dave says many retirees have just lost a lot of money in their super funds, too, as mining stocks fall through the floor…
Is Rudd in a race with Obama to see who can kill the most jobs, destroy the most value and stunt the most growth?