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Breaking Down California Budget Issues

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    Mike Reagan, founder of the Reagan Group, weighs in on California's budget woes.

  • Duration 3:34
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This transcript is automatically generated

But the city of Stockton California the slashed huge numbers of their police and fire.

The overall -- personnel and ordered stay -- -- put this past week you know that they filed for bankruptcy protection.

Pension and retiree health plans are killing other California municipalities as well.

Why did these local governments make promises they couldn't keep and which city or town is next joining me now the chairman of the Reagan group and Reagan dot com Michael Reagan.

And what a -- Michael I -- I've heard you talk before.

About the B word bankruptcy for even Los Angeles.

-- -- I mean this whole -- well you know is in is in deep trouble.

You got a what -- 500 billion dollars in the -- on pensions alone.

In the state of California Stockton filing bankruptcy.

-- share rose in San Diego voted.

-- just a few weeks ago to start slashing what they are in fact putting in themselves in the pensions and asking.

Those who are receiving the pensions start pain in the giving a little to -- themselves.

So we're starting to understand here but Sacramento never seems to understand that.

And so first to Stockton.

Who knows LA probably should.

In fact file bankruptcy will -- I doubt it.

Well he gets in the question now where the employees and we now is now the -- really hitting the road here because -- employees in the city of Stockton.

If they want insurance is they're they got an invoice apparently this week.

They're gonna have to pay -- directly this is now I would think this would wake up the civil servants section of the state of California.

-- you you think you're people who start to wake up and say wait we can't keep on going on -- -- -- interesting.

That you find that people in government and people on the left always yelling and screaming conservatives.

You know about what we spent too much we're gonna blame Wall Street were to blame the banks try to blame everybody for what's happened in the economy.

You know we forget let's say listen -- money was Roland yeah.

To the city of Stockton are you anywhere in California what were they doing that we're putting it away for a rainy day.

They were saving the money there are finding areas to spend the money what what they do -- the stock they put a new 700 million dollar marina.

So they were spending the money they were saving the money rainy day comes they're bankrupt.

So Michael it's it's not that far til November and you have that ballot to met yet and number ballot measures and for the people to determine whether they wanna raise taxes.

There's sales tax a little bit and raise taxes on people who make more than.

250 year -- more what do you think's gonna have we handicap.

About Miami campus I don't think we're gonna vote to raise our taxes in California I I worry about it because -- so many on the public dole.

In in the state of California.

But I hope we've woken up just like San Jose just like San Diego that we don't need to be -- in our taxes we need to be slimming down in fact.

And what's outrageous is when you have our state government just this past week putting together a budget.

-- so they can get paid.

On time and the budget really is nothing but -- three card Monte game.

Because it's all based that we are going to vote -- factor raise our sales taxes they're gonna vote that range our personal income taxes.

That's what it's based on we need to clean out Sacramento so -- clean up the state of California and hopefully people -- California will finally wake up.

Alright Michael Reagan hang onto your wal mart's reputed to see.

Didn't see you.

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