Trump’s fault!
No federal bailouts. The libs in Cal. brought this upon themselves, and they need to figure a way out. They can do it!
Pretty soon there will be no money for schools just pensions. Schools will close because all school employees will be retired.
The Kersten Institute for Governance and Public Policy highlighted an updated pension study, released by the Stanford Institute for Economic Policy Research, which revealed some fairly startling realities about California's public pension underfunding levels. After averaging $77,700 per household in 2014, the amount of public pension underfunding for the state of California jumped to a staggering $92,748 per household in 2015.
But don't worry, we're sure pension managers can grow their way out of the problem...hedge fund returns have been stellar recently, right?
Stanford University’s pension tracker database pegs the market value of California’s total pension debt at $1 trillion or $93,000 per California household in 2015.
...
Looking back to 2008, the underfunding levels of California's public pension have skyrocketed 157% on abysmal asset returns and growing liabilities resulting from lower discount rates.
...
Perhaps this helps shed some light on why CalPERS is having such a difficult time with what should have been an easy decision to lower their long-term return expectations to 6% from 7.5% (see "CalPERS Weighs Pros/Cons Of Setting Reasonable Return Targets Vs. Maintaining Ponzi Scheme")...$93k per household just seems so much more "manageable" than $150k.
...
Of course, at this point the question isn't "if" these P onzi schemes will blow up.....but rather which one will go first? We have our money on Dallas Police and Fire... (Excerpt) Read more at zerohedge.com ...
Since all “educators” do everything “for the children”, why don’t they refuse to take all of their inflated pension and benefits? ...unless they don’t care about “the children”.
They should secede now!! Mexico will happily pay their bills.
Look for the union label.
Let's see: $300,000,000,000/1,800,000 people = $167,000 per person. That is not much to generate a steady income flow to support someone. It's a start, but a rather poor one.
#youdontneednoeducation. #feetupgradesdown
“School district officials say that unless the situation changes, they will have to make cuts elsewhere”
Simple, get rid of all the ESL classes.
“School district officials say that unless the situation changes, they will have to make cuts elsewhere”
Simple, get rid of all the ESL classes.
As a Californian I can’t help but smile. Trump the deal-maker has just been handed leverage to bring CA to its knees.
Raise taxes on “the rich” and redistribute the wealth to democrat voters/donors pension plan.
As I read this, I’m thinking of a house for sale down the street. It’s on the market because its owners, two retired teachers, decided four homes were a bit too much. After all, they have to keep up with their other homes in Florida, Arkansas and New York. It’s easy to have three very nice homes when your combined teacher pensions are $230,000 per year.
This along with the $1.9 billion dollar oops over at the Medi-Cal department could add up to some problems.
But no mention of reducing administrative positions or reducing their pay increases.
THe investment funds took a signifiant hit in returns when CalPers withdrew from stocks and funds that were not acceptable for some Social goal reason or tied to countries not in favor with SJW. TAxpayers picked up the bill,again.
Why doesn’t the State and these municipalities just TAX their Highly Coveted Illegal Aliens to cover the shortfall??
According to the Politicians they are the very Life Blood of our economy and our future. Maybe they should start PAYING THEIR FAIR SHARE!
Maybe this is the reason Cali is trying to secede, they need to print their own funny money to cover their debt with fiat funny-money. However if California tries secession almost al of their companies are chartered in Delaware and Nevada and their biggest customer base is in the rest of the US. California has a pretty sh*tty hand.