Posted on 12/03/2016 7:06:36 AM PST by george76
Earlier today 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 ponzi 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 ...
Everybody is going to have to “Manage” their own money. This is what the cops are saying, between the lines, when they pull their money out. They were damn smart to do it too. Many will get left holding the bag. The thief so that stole all the money won’t be found. Duuh!?
Without getting into the arguments on federal debt or wages, it should Be noted that the contribution rates the federal govt schedules to make that retirement system run is something like 23% of wages for each employee. Employees make a meager contribution of 3%. Imagine what CalPers should be putting away if their twenty year retirees are paid almost twice as much.
Q: Can CA declare bankruptcy? Is there anything prohibiting it in the state constitution?
You can live pretty well, for awhile, using credit cards that have no limit.
Yes, counties and cites do their own thing. Some are in PERS and some not.
These pathetic Dumbocrats slay me.
ITEM-—Sap-Happy Cali liberals made dam sure they n-e-v-e-r run out of tax dollars to fund sanctuary cities, welfare and food stamps, education and healthcare, endless SS payments and EITC checks for these parasitic immigrants. All of them on our soil illegally....tax-guzzling creeps who never put a dime into the system.
ITEM-—Sap-happy Liberals made dam sure there are on-the-book govt mandates that force struggling taxpayers to foot the bill for illegal refugees here to go back and forth between America and their supposedly hostile homelands on the taxpayers’ dime.
<======================>
And isn’t it strange (smirk)?
Sap-Happy liberals types like birdbrain Gov Jerky are the first to whine they’re running out of SS money for working Americans who put in money for years.....
The first to whine they’re running out of pension money aging working Americans put in for years.
The first to whine they’re running out of Medicare money aging working Americans put in for years.
IDEA—Let illegals pay Cali pols pensions, perks, humongous salary, healthcare, living costs, credit cards, expense accounts.....all the expenses struggling taxpayers have been ripped off for by these liberal govt parasites.
last I saw we spend 18 billion a year on bennies for illegals. Sacramento loves illegals.
TIMOTHY V. MANNING
Title: Assistant Chief
Pension: Los Angeles Fire and Police Employees’
Pension, 2015 $1,164,022.65
Benefits $17,286.69
Years service 32.00
Year Retired 2010
So yes a Los Angeles fireman retired in his 50s with a pension of over 1 million per year with lifetime medical benefits.
Ridiculous, and totally unsustainable.
Tees me off......sanctuary city San Francisco....a parasitic illegal killed beautiful Kate Steinle.
“By far one of the filthiest states in the country.”
Well here in the SF Bay Area, the place looks clean to me. I guess you’d better define “filth.” The folks in our town are not “filthy,” they are “filthy rich!”
Well if we do, and I don’t believe that we will, we would take by far the largest portion of the US Economy with us at 13.3%. That wonderful “land of milk and honey” Texas is only 9.1% in second place, and New York is third at 8.1%
Take a look:
I thought it was understood...my bad.
"Filth" = "depravity",etc,etc,etc.
“Q: Can CA declare bankruptcy? Is there anything prohibiting it in the state constitution?”
I guess it doesn’t really matter what any written laws say, because when you’re out of money, you’re out of money. And having some judge say that that doesn’t matter flies in the face of reality. We already know that Federal Bankruptcy Courts have ruled in the case of municipal bankruptcies that both Vallejo and Stockton were able to give their PE Pensions a haircut, but these two cities chose to try and get out of bankruptcy without doing so. The problem is that they didn’t really fix their structural debt pictures and they will eventually have to declare bankruptcy again and at that time they will, of necessity, have to cut PE pensions in order to return to solvency.
But lets not single out California here. Illinois it is worse shape than CA because their economy is the $hits. At least here in CA, business is booming, even though that alone will not cure our public debt problem.
“”Filth” = “depravity”,etc,etc,etc.”
It is nothing short of disgraceful to tag an entire state with such terminology when the vast majority of our citizens do not fit that description. You seem to suggest that we are awash in “gays” and that everyone goes down to their corner “gay bar” to “unwind” after work. We are unworthy of that kind of bigotry, and you should be ashamed for intimating same.
OK,first of all if you refer to my first post in this thread (Post #6) you'll see that I acknowledge that not all Californians are filthy.Second,as to your "the vast majority" observation,I have no problem whatsoever believing that the vast majority of those that *you*,for example,associate with are good,respectable people.However,when discussing the entire population of the state...who is it that your voters vote for? What propositions do they vote for? Was it 60% (or more) of voters that voted for The Former Twelfth Lady? Barbara Boxer? DiFi? Governor Moonbeam? I could go on,but I think I've made my point.
And BTW,I consider my own state,the state in which I've lived all my life (except Army time) to be one of the filthiest states in the country.And yes,we,just like California,have *some* decent people living here...but they don't even come close to representing a majority.
Just sayin'...
Yet they continue to make believe it will right itself....unsustainable. wow...
4 or 5 years ago another illegal released from the jail killed three in the same family because of road rage.
When the family of Kate went to city council they told them they wouldn’t change anything because the family was under the influence of fox news. OReilly ran a clip of the council meeting.
When they go full sesech then Sacramento can just print money like Richmond did in 1861. Voilà, instant debt payoff.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.