Creating an Exodus
As much as I hate the high taxes, regulations and politics in California, I'm still pretty happy living here. But if eventually I'm forced to move, I think the state's unfunded liabilities (and what they will mean for taxes, services, infrastructure, etc.) will be the cause. IBD summarizes some of the key data:
"Unfunded pension and health care liabilities for state workers top $500 billion and the annual pension contribution has climbed from $320 million to $7.3 billion in less than a decade."(There's more in the editorial if you want to see a list of California's self-inflicted woes).
But if California's private companies are suffering, its public sector sure isn't. From 2001 to 2009, California lost 235,000 net private-sector jobs, but gained 163,700 government jobs. Those cushy union jobs also pay more than comparable private jobs and provide gold-plated benefits.