(CA) Lawmakers say earlier patch job set stage for current plan (games with CALPERS)

SJ Mercury News ^ | 1/10/03 | Mark Gladstone

[randita]

SACRAMENTO - Just last September, Gov. Gray Davis signed the current $99 billion state spending plan after the Legislature had filled a $23.6 billion hole.

The budget followed an unprecedented two-month stalemate. Even then, lawmakers knew that more red ink would be flowing over the Capitol.

[BIGZ]

It was my understanading talking to people that have CalPers that the system was funded by the individuals in the System. Am I mistaken?

[randita]

It was my understanading talking to people that have CalPers that the system was funded by the individuals in the System. Am I mistaken?

I'm not sure, but I believe the state is on the hook for any unfunded liability that would accrue and the cost of borrowing from this fund would fall on CA taxpayers.

When borrowing from elsewhere or bond issues become too costly (because you're a bad investment risk), this is a little game that can be resorted to. Clinton did this in AK he he got in trouble.

[NormsRevenge]

Thanks for posting this. I just read it in the paper. The Merc has filled up quite a few pages today on this budget thingy.

Ernest, Mark Gladstone article could use a PING, that's if ya didn't wear your pinger out this morning. ;-).

Thanks

[NormsRevenge]

``It was a get-out-alive deal more than solving any problems,'' said Senate President Pro Tem John Burton, D-San Francisco.

Burton should know..

[Ernest_at_the_Beach]

Thanks for the ping and the post!

calgov2002:

calgov2002: for old calgov2002 articles. 

calgov2002: for new calgov2002 articles. 

Other Bump Lists at: Free Republic Bump List Register

[d14truth]

"...budget was patched together by throwing in pet projects sought by four Assembly Republicans and one GOP state senator who, along with majority Democrats, finally provided the two-thirds vote needed for passage."

Didn't Gov. "Doofus" say no gimmicks in the 'State of the State', or was it no 'new gimmicks'?

[d14truth]

Thank you, Ernest. And, no, thank you, governor.

[Saundra Duffy]

Believe it or not! In today's Fresno Bee there's a scathing editorial criticizing President Bush's tax cut plan. Unbelievable!! While California burns, the liberal media fiddles and piddles.

[Gophack]

CALPERS is funded like most retirement plans for large companies -- partially by employees and partially by the employer.