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.
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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.
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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.
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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 ...
The antediluvian S/F City Council is living in past history....the days are long gone when govt officials can pick and choose which laws they will obey.
Their handling of the Steinle family borders on racism......they could be in violation of the Fourteenth Amendment.
These actions clearly affect interstate commerce and trade, and should be prosecuted under the Hobbs Act. The Hobbs Act 18 U.S. Code § 1951, passed in 1946, is a federal law that prohibits robbery or extortion, or attempted robbery or extortion, that affects interstate or foreign commerce.
The Hobbs Act originally was designed to target racketeering in labor-management disputes that were common at the time.
More recently the Hobbs Act has been used to prosecute and jail politicians involved in activities that impair an area's economic viability.
LATINO'S "JUST HERE FOR A BETTER LIFE" SCAM Seems this tax-sucking latino worked for Cali's San Bernardino County Dept of Corrections. He said he worked 9 mos and got 3 mos time off to be with his children---one of whom was college age.
JJ asked him how he supported himself those 3 mos----he said he collected UI.
Seems the Cali Dept of Corrections perpetuates the acam---they calculately "laid him off" and rehired him 3 mos later.
He had been doing that for nine years. falsifying govt docvuments to get UI tax dollars---AKA government fraud.
Now get this----when he was "laid off" to be with his children, he was actually traveling to be with his girlfriend---she was suing him for a $4000 loan---which was why they were in J/J's court.
The 1980 Georgia General Assembly was concerned about “the increasing sophistication of various criminal elements in government,” so it adopted the Racketeer Influenced and Corrupt Organizations Act (RICO), patterned after a similar federal law.
RICO is often used to try to prove that a legal business was being used for illegal means, and, in the beginning, was used to prosecute drug traffickers or organized crime members.
But in recent years prosecutors have applied RICO to government officials accused of using their offices for personal gain (at the time this involved various former and current Atlanta public school officials).
To bring a case under Georgia’s RICO law, there must be at least two underlying felonies — such as fraud, bribery, witness tampering (among others). RICO allows prosecutors to include multiple defendants charged with various crimes in the self-same indictment, and to charge that they were allegedly part of an ongoing criminal enterprise.
Reports from a variety of media reveal California state employees are spiking their pensions to stratospheric levels, leaving nothing for their brother employees. Sorry, can't blame Wall Street for this one. In a laudable instance of the mainstream media doing its job, the Los Angeles Times, the Sacramento Bee, Bloomberg News and City Journal have all exposed "pension spiking" by California public employees.
Basically, they manipulate rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years.
The Los Angeles Times on Saturday pieced together tough-to-get data from Kern and Ventura counties and found a fiscal horror story: In Kern, 77% of public employees with pensions greater than $100,000 actually get more than they did during their working lives. In Ventura, the figure is 84%. Kern has a $761 million pension shortfall, in part due to the practice.
Both the practice and the lack of transparency are signs of a rotten system. Bigger counties like San Diego and Los Angeles also permit pension spiking. But L.A. asked the Times to fork over $63,000 for "research" or they won't reveal a thing. Seems it doesn't bother these bureaucrats to pay out the spiked cash, but knowing how much it is is too much of a bother. (Excerpt) Read more at news.investors.com ...
Pension includes a one-time DROP payout of: $996,161.68
He will get $168,000 year plus the benefits.
The only obvious option will be a bailout from Federal Government - or Federal Reserve purchases of their debt. Money printing directly for the states. Sounds crazy, but there was a time when the Federal Reserve could not buy Federal debt - and now it owns nearly $5 trillion worth
i.e. California ain’t never goin’ no where.
Time for the MSM to put forth the truth on bad news, and then blame it on Trump. I expect it, even before his inauguration.
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No Bail out from the rest of us!!!!!!!!!!!!!!!!!!!!!!!!!!
California also sends more tax money to other states via Washington DC than the other way around, but you won’t hear that much around here.
“California also sends more tax money to other states via Washington DC than the other way around, but you won’t hear that much around here.”
Yeah, but ALL of it is wrong! I just hope I live long enough to see California collapse financially. Jerry the Fairy and the RATS have really laid waste to this state.
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