Hüsker Dü
DA
All money. Google Andrew Yang, then read his policy ideas.
Ponderable
- Thread starter Bruddah IZ
- Start date
Sheriff Joe
DA
Yeah, give everyone money, great strategy.
Hüsker Dü
DA
That is only apart of it.
Sheriff Joe
DA
I don’t think apart is the word you are looking for.
Hüsker Dü
DA
And I don't care.
How about YOU dig into that BIG FAT Union Pension Plan of YOURS and distribute
30 % of it to ALL of the Illegals and Homeless within a 30 mile radius of your
residence.....Now that would be a " Noble " DEMOCRAT move...
Go on....Git to the Bank...!
Yur " Buddy " Gov Gavin Gruesome is shovelin shit as I type this....and he is
shovelin fast and hard.....!!
And no video of the Gov actually saying this or leaked official government documents- it was all somehow magically uncovered by some guy on the internet? How strange.
California’s State and Local Liabilities Total $1.5 Trillion
By Marc Joffe and Edward Ring
January 3, 2019
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.
This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.
Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.
Our analysis differs from government reporting in a few ways, the most significant of which is governments’ use of a very generous expected rate of return on their pension fund investments. Using a more accurate rate, we calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
entire article:
californiapolicycenter.org
By Marc Joffe and Edward Ring
January 3, 2019
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.
This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.
Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.
Our analysis differs from government reporting in a few ways, the most significant of which is governments’ use of a very generous expected rate of return on their pension fund investments. Using a more accurate rate, we calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
entire article:
California’s State and Local Liabilities Total $1.5 Trillion | California Policy Center
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits...
californiapolicycenter.org
Informing and improving public policy through independent, objective, nonpartisan research
- Nearly one in nine Californians is a member of a public pension program.
More than 4.6 million Californians are members of state and local pension plans, according to the State Controller’s Office. Most members (76%) belong to the state systems: the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and the University of California pension system. The remaining members belong to more than 100 local, special district, and other pension plans. - California’s largest public pensions have significant unfunded liabilities.
The largest funds at CalPERS and CalSTRS have reported gaps of more than $138.9 billion and $107.3 billion, respectively, between their estimated obligations to retirees and the current value of their assets. Since 2008, these unfunded liabilities have grown by more than $103 billion for CalPERS and $84 billion for CalSTRS. In 2016, 70% of California’s public pension liabilities were covered by assets, ranking 26th in the nation. Among other large states, New York ranked 4th (91%), Florida ranked 13th (79%), and Texas ranked 19th (73%).
At least half of the employer contributions to state retirement systems in California come from local governments, which have smaller budgets and fewer ways to generate revenue when faced with higher pension costs. For example, pension contributions in Stockton rose from $6.8 million in 2002 to $41.5 million in 2017. One estimate suggests city pension costs will nearly double and reach up to 16% of general fund budgets by 2024–25.
entire article:
Public Pensions in California
State and local governments face large and growing pension obligations. This fact sheet provides a snapshot of California’s public pensions and liabilities, their impact on local budgets, and policy changes that aim to tackle rising costs.
www.ppic.org
California’s pension debt cannot be ignored
By JOE NATION |
PUBLISHED: September 24, 2019 at 11:22 a.m. | UPDATED: September 24, 2019 at 11:22 a.m.
A decade ago, at Gov. Arnold Schwarzenegger’s request, I supervised a graduate student team that performed a comprehensive analysis of public pensions in California.
The goal was to calculate California’s pension debt, the difference between assets and liabilities.
The team’s conclusions: the unfunded liability was over $500 billion—seven times the number officially reported. That was in 2008.
The student team recommended several actions to lawmakers and pension managers. Almost all were ignored.
Over time, it has become clear that the students’ analysis was spot on. Public pension debt doubled to more than $1.052 trillion in 2017, the last year of complete data.
Based on recently-reported public pension assets and estimated liabilities, that figure is now more than $1.109 trillion, an increase of $56 billion. That translates into $81,300 of pension debt per California household.
There are arguments about whether the students use of what economists would call a “market basis” to measure pension debt is too conservative. In short, a market basis uses accepted economic and finance principles to estimate liabilities.
But even figures reported by California’s pension systems on a more optimist “actuarial” basis produces the same trendline. Debt per household today is almost $22,800, compared with less than $8,000 when students submitted their work in 2010.
What is remarkable about this trend is that pension debt has continued to climb even as the stock market has soared.
The S&P 500 index, about 800 in early 2010, is now over 3,000. And yet over the last decade, public pension funded ratios, measured by assets divided by liabilities, have moved up only slightly.
The funded ratio for California Public Employees’ Retirement System’s Public Employees’ Retirement Fund was 60.8% in 2009. Now, it’s an estimated 72.6%.
This, unfortunately, isn’t the most alarming news.
No one knows if or when a recession will hit the global or U.S. economies, but we are due. Another Great Recession-like downturn in the U.S. stock market could push California’s public pension system assets from $918 billion today to just over $700 billion.
The average funded ratio for all public pensions in California would fall from 75% to 56.4% on an actuarial basis, meaning pensions would have just over 50 cents for every dollar in obligations.
Remember that this is the optimistic scenario.
The average funded ratio on a market basis would fall from 45.7% today to 34.4%, or 34 cents on every dollar owed.
Pension debt would climb from $311 billion today to $543 billion on an actuarial basis. On a market basis, pension debt would climb to $1.341 trillion, or nearly $100,000 per household.
A repeat of the Great Recession may be unlikely, but then again, we didn’t expect a sharp decline in 2008-2009.
Even a mini-recession in which pension systems’ assets fall by one-half Great Recession levels would be a horrible development. Schools and municipal governments, already cutting programs and services despite strong revenues, would be forced to cut even further.
Taxpayers would be asked to chip in more. And public employees, especially those in areas where the economy remains weak, would face layoffs, salary cuts, and in some scenarios, reductions in retirement benefits.
entire article:
www.ocregister.com
By JOE NATION |
PUBLISHED: September 24, 2019 at 11:22 a.m. | UPDATED: September 24, 2019 at 11:22 a.m.
A decade ago, at Gov. Arnold Schwarzenegger’s request, I supervised a graduate student team that performed a comprehensive analysis of public pensions in California.
The goal was to calculate California’s pension debt, the difference between assets and liabilities.
The team’s conclusions: the unfunded liability was over $500 billion—seven times the number officially reported. That was in 2008.
The student team recommended several actions to lawmakers and pension managers. Almost all were ignored.
Over time, it has become clear that the students’ analysis was spot on. Public pension debt doubled to more than $1.052 trillion in 2017, the last year of complete data.
Based on recently-reported public pension assets and estimated liabilities, that figure is now more than $1.109 trillion, an increase of $56 billion. That translates into $81,300 of pension debt per California household.
There are arguments about whether the students use of what economists would call a “market basis” to measure pension debt is too conservative. In short, a market basis uses accepted economic and finance principles to estimate liabilities.
But even figures reported by California’s pension systems on a more optimist “actuarial” basis produces the same trendline. Debt per household today is almost $22,800, compared with less than $8,000 when students submitted their work in 2010.
What is remarkable about this trend is that pension debt has continued to climb even as the stock market has soared.
The S&P 500 index, about 800 in early 2010, is now over 3,000. And yet over the last decade, public pension funded ratios, measured by assets divided by liabilities, have moved up only slightly.
The funded ratio for California Public Employees’ Retirement System’s Public Employees’ Retirement Fund was 60.8% in 2009. Now, it’s an estimated 72.6%.
This, unfortunately, isn’t the most alarming news.
No one knows if or when a recession will hit the global or U.S. economies, but we are due. Another Great Recession-like downturn in the U.S. stock market could push California’s public pension system assets from $918 billion today to just over $700 billion.
The average funded ratio for all public pensions in California would fall from 75% to 56.4% on an actuarial basis, meaning pensions would have just over 50 cents for every dollar in obligations.
Remember that this is the optimistic scenario.
The average funded ratio on a market basis would fall from 45.7% today to 34.4%, or 34 cents on every dollar owed.
Pension debt would climb from $311 billion today to $543 billion on an actuarial basis. On a market basis, pension debt would climb to $1.341 trillion, or nearly $100,000 per household.
A repeat of the Great Recession may be unlikely, but then again, we didn’t expect a sharp decline in 2008-2009.
Even a mini-recession in which pension systems’ assets fall by one-half Great Recession levels would be a horrible development. Schools and municipal governments, already cutting programs and services despite strong revenues, would be forced to cut even further.
Taxpayers would be asked to chip in more. And public employees, especially those in areas where the economy remains weak, would face layoffs, salary cuts, and in some scenarios, reductions in retirement benefits.
entire article:
California’s pension debt cannot be ignored
Public pension debt will continue to grow. K-12 classroom funds and municipal services will continue to be cut. Legislative attempts at reform barely made a dent in the problem overall.
www.ocregister.com
Woman behind ‘Roe v. Wade’ said in a ‘deathbed confession’ that conservatives paid her to lie about her conversion
"Jane Roe," the plaintiff in the landmark 1973 Supreme Court ruling legalizing abortion, admitted in a deathbed confession that she faked her conversion later in life to oppose legal abortion.Norma McCorvey, who died in 2017, became known as Jane Roe after suing for the right to get a legal and...
www.rawstory.com
You're not very bright at all are you Tiny " T ".....
Try and reread the post you commented on.....
My goodness....How strange !
Hüsker Dü
DA
“I wonder how many abortions Donald Trump is responsible for,” McCorvey said in the film. “I’m sure he’s lost count, if he can count that high.”Woman behind ‘Roe v. Wade’ said in a ‘deathbed confession’ that conservatives paid her to lie about her conversion
"Jane Roe," the plaintiff in the landmark 1973 Supreme Court ruling legalizing abortion, admitted in a deathbed confession that she faked her conversion later in life to oppose legal abortion.Norma McCorvey, who died in 2017, became known as Jane Roe after suing for the right to get a legal and...
You know.....that's really a private matter that's none of your f#@king business....
Take care of your own matters and stop worrying about a very successful Businessman/President...!
Dang... coming from a ray of happiness like you, this really hurts no!
California’s State and Local Liabilities Total $1.5 Trillion
By Marc Joffe and Edward Ring
January 3, 2019
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.
This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.
Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.
Our analysis differs from government reporting in a few ways, the most significant of which is governments’ use of a very generous expected rate of return on their pension fund investments. Using a more accurate rate, we calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
entire article:
California’s State and Local Liabilities Total $1.5 Trillion | California Policy Center
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits...
So what do you think we should do?
Let's start with:
Elect more politicians like Grey Davis
Add another tax on gasoline
Tax the upper 49% more.
Give illegal aliens medical benefits and voting rights
Tax the internet and those that use it
Gray Davis. Hmm... he was the governor when I was in high-school. In the interest of having a meaningful dialogue, let me put it differently. Do you think these retirement packages should be honored?
I heard McConnell saying that states should declare bankruptcy. Do you agree that this is the solution? Not saying dems have all the answers here, but not sure the Republican's have better ideas on how to get us out of this hole.
One should know the history of how we got where we are today...
From the LA Times
It was a deal that wasn’t supposed to cost taxpayers an extra dime. Now the state’s annual tab is in the billions, and the cost keeps climbing.
By JACK DOLAN
SEPT. 18, 2016
With the stroke of a pen, California Gov. Gray Davis signed legislation that gave prison guards, park rangers, Cal State professors and other state employees the kind of retirement security normally reserved for the wealthy.
More than 200,000 civil servants became eligible to retire at 55 — and in many cases collect more than half their highest salary for life. California Highway Patrol officers could retire at 50 and receive as much as 90% of their peak pay for as long as they lived.
Proponents sold the measure in 1999 with the promise that it would impose no new costs on California taxpayers. The state employees’ pension fund, they said, would grow fast enough to pay the bill in full.
They were off — by billions of dollars — and taxpayers will bear the consequences for decades to come.
Entire article:
How a pension deal went wrong and cost California taxpayers billions
It was a deal that wasn't supposed to cost taxpayers an extra dime. Now California's annual tab is in the billions, and the cost keeps climbing.
www.latimes.com
Here's another article on this subject.
One should know the history of how we got where we are today...
From the LA Times
It was a deal that wasn’t supposed to cost taxpayers an extra dime. Now the state’s annual tab is in the billions, and the cost keeps climbing.
By JACK DOLAN
SEPT. 18, 2016
With the stroke of a pen, California Gov. Gray Davis signed legislation that gave prison guards, park rangers, Cal State professors and other state employees the kind of retirement security normally reserved for the wealthy.
More than 200,000 civil servants became eligible to retire at 55 — and in many cases collect more than half their highest salary for life. California Highway Patrol officers could retire at 50 and receive as much as 90% of their peak pay for as long as they lived.
Proponents sold the measure in 1999 with the promise that it would impose no new costs on California taxpayers. The state employees’ pension fund, they said, would grow fast enough to pay the bill in full.
They were off — by billions of dollars — and taxpayers will bear the consequences for decades to come.
Entire article:
How a pension deal went wrong and cost California taxpayers billions
It was a deal that wasn't supposed to cost taxpayers an extra dime. Now California's annual tab is in the billions, and the cost keeps climbing.
Here's another article on this subject.
Okay. But moving forward, what's your solution?
What's your proposal to help ( or ) solution to solve this Financial Black Hole
sucking California's Finances Dry....
Think about it and respond with an adult comment/proposal that is reasonable....!
PS. It's 1 Trillion and growing very very fast....!