I received an articles from a friend of mine about how Pacific Gas and Electric aka PG&E continues to gouge the people of California. Apparently the latest is that PG&E suffered a 10% decline in profits which fell from $1.2 billion last year as opposed to $1.34 billion in 2008. The article also mentioned that the CEO of PG&E received a compensation package of $9.8 million even when profits declined. The company is now asking for a huge rate increase that will line their pockets with another $1.01 billion if passed. The company is planning to spend some $35 million to get the voters in California to pass a bill that would try to stop any future competition.
Eight years ago the voters of California threw out Governor Gray Davis and his cronies because of the irresponsible way they entered into contracts with electric suppliers and also because the state faced a $5 billion dollar budget deficit. The people voted Governor Schwarzenegger into office which resulted in a lucrative deal for PG&E, the end of deregulation, higher utility rates and now a $20 billion dollar deficit. What an approvement! LOL
We can argue that the Republicans or Democrats are to blame for our current economic situation. But the truth is that the blame falls upon all of our shoulders. Out government no longer represents the people an instead represent the large corporations and special interest groups that line our politicians pockets with money. Greed has infiltrated our entire government. Greed has infiltrated all of corporate America. Is there anyone who can deny this has happened? Our system has slowly decayed to a point where our confidence in either the Republican or Democratic party has eroded and we can no longer trust either party.
What is disturbing about what is happening in California, is that this cancer can spread to other states as well. Is your state next for being gouged by your electric or natural gas company?