Posts Tagged ‘public pensions’
Posted by Larry Doyle on April 22nd, 2013 8:01 AM |
“California’s the place you gotta be . . . swimmin’ pools . . . movie stars…”
The hillbillies profiled in a favorite show from my youth presented plenty of comic material. Regrettably, there is now little that is funny about the state of California’s fiscal quandary or that of many other states that have allowed — if not promoted — the rackets run in and throughout the state, cities, and towns to crush the dreams of hard working taxpayers saddled with enormous burdens.
While California may have the largest problem (it is not even close), current research exposes the worst states in terms of funding their pensions: Connecticut, Illinois, Kentucky, and Rhode Island.
What states are actually displaying a high degree of fiscal propriety in terms of funding their pensions? (more…)
Tags: California dreamin', California fiscal quandary, California's pension obligations, pension nightmares, pensions gaps Pew Research, Pew Research pension gaps, public pension gaps, public pensions, worst states pension gaps
Posted in General, pension obligations | No Comments »
Posted by Larry Doyle on June 21st, 2012 8:54 AM |
How does one define a “racket?”
Well, in a takeoff of a similar question regarding pornography, I am not sure exactly how I might define a “racket” but I believe I would know one when I see it.
So, where should we look to see a racket at work? California and specifically the public pension system in the Golden State. A few weeks back I highlighted what I believe will be “civil wars” over public pension reforms in our country.
A primary battleground on this front will be the hard left-leaning people’s republic on our left coast. Is there any real surprise that California finds itself in such a fiscal mess? Not really.
How bad is the situation in California? (more…)
Tags: California Foundation for Fiscal Responsibility, CAlifornia public pension system, California public pensions, California Six-Figure Pension Club Grows Exponentially, Calpers pension system, CALPERS public pensions, Calstrs pension system, CFFR, city of Stockton california public pension payouts, Don't Touch My Pension, funding of public pensions, how would one define a racket, how would one define pornography, KCRA in Sacramento, Marcia Fritz pension reform advocate, public pension gaps, public pension rackets, public pension reforms, public pensions, public pensions must be renegotiated, renegotiating public pensions, Sacramento State President Donald Gerth, UC Retirement System
Posted in General, pension obligations | 6 Comments »
Posted by Larry Doyle on May 9th, 2012 7:04 AM |
What is the best part of a nightmare?
When you wake up and it is over.
The folks in California do not have that luxury as they get to live the nightmare that defines their public pension system everyday. In fact, the nightmare is getting scarier. How so?
The “not so exclusive” California $100,000 Club continues to experience explosive growth. Let’s check in on this club which since last we checked a year ago has seen close to a 25% increase in size. (more…)
Tags: 000 Club, Bruce Malkenhorst, California $100, California 100000 club, California pensions, CAlifornia Public Employee Retirement System, Calpers, corruption in public politics, Donald Gerth, Fix Pensions First, George Newell, Glenn Southard, growth in public pensions in California, James Stahl, Joaquin Fuster, John Schlag, Julius Schachter, pension obligations, pension payoffs, public pension problem, public pensions, Randy Adams, William Garret
Posted in California, General, pension obligations | 14 Comments »
Posted by Larry Doyle on May 9th, 2011 9:36 AM |
You do not need to read Sense on Cents to know that many of the states in our union are drowning amidst a sea of future pension obligations. While state treasurers and legislators are all too often inclined to play financial games and utilize smoke and mirrors to disguise the burden of these pension obligations, the absolute figures are so astronomical and will require a meaningful restructuring. Might that happen? Would public employees actually swallow a very real revaluation of their pension benefits?
Marcia Fritz, the head of the California Foundation for Fiscal Responsibility, is calling for her state to do just that. Ms. Fritz recently released a statement entitled, Fix Pensions and We Won’t Have to Fire Teachers,
California taxpayers would save billions of dollars that would flow to public schools, community colleges and universities if state and local public employees retired with benefits comparable to those provided to employees of Silicon Valley’s top companies. Teachers’ jobs would be saved and school programs spared. (more…)
Tags: California Foundation Fiscal Responsibility, California Foundation for Fiscal Responsibility, California pensions, California state teachers, calstrs, CFFR, COLA, fix Pensiosn and We Won't Have to Fire Teachers, Los Angeles Unified School District, pension reform, public pensions, restructuring public employee pension obligations on, Silicon Valley, state pension obligations, state pensions, who is Marcia Fritz
Posted in California, General, pension obligations | 3 Comments »
Posted by Larry Doyle on January 21st, 2011 7:19 AM |
With 2011 just barely out of the starting block, there are a lot of developments across our global economic landscape. What do I see? Long term interest rates are flashing warning signs. How so?
Many reasons domestically and internationally, but especially the following: (more…)
Tags: bailing out European nations, can states declare bankruptcy, dealing with debt, defaulting on debt, devalue restructure or default, devaluing debt, EU debt, EU Finance Ministers Begin talks on Restructuring Sovereign Debt, EU-IMF programs, federal deficit, financing the deficit, fiscal deficit, inflationary pressures in emerging markets, Irish Times, Larry Doyle, long rates headed higher, long term rates, Municipal Assistance Corporation, Olli Rehn, path is Souhgt for States to Escape Debt, Paul Maco, public pensions, restructuring debt, restructuring Greek sovereign debt, risk factors, risk management, short term rates vs long term rates, steep slope yield curve, steep yield curve, what does yield curve tell us, why are long term rates headed higher, why is curve steepening
Posted in General | 3 Comments »
Posted by Larry Doyle on August 19th, 2010 7:35 AM |
In a state that has a reputation for putting the ‘organized’ in ‘organized activities,’ is anybody surprised that New Jersey has been charged with misrepresenting the health of its state pensions? (The state has already settled). How do you think politicians get elected? Line the pockets of the unions with lavish pensions and perks, then stick it to future generations. This scam has been played for years. What’s new now?
The Securities and Exchange Commission, in its first securities-fraud case against a state, accused New Jersey of misleading investors about the health of its two largest state pensions while selling billions of dollars in bonds.
State authorities settled the case without admitting or denying wrongdoing.
While it singled out New Jersey, the SEC is conducting several investigations into what other states disclosed about their weakened finances. (more…)
Tags: CAlifornia public pension system, Calpers, fuhgeddaboutit, Illinois pension, improper disclosures, Larry Doyle, municipal bonds, municipal finance, new jersey pension system, New york public pension, New york State Teachers, organized activities, pension finances, Pew Center on the States, public pension scams, public pensions, SEC Sues New Jersey, SEC Sues New Jersey as States' Finances Stir Fears, Sense on Cents, state of new jersey, state pensions, unions
Posted in General, pension obligations | 2 Comments »
Posted by Larry Doyle on July 13th, 2010 9:55 AM |
Bill Gates
Isn’t education supposed to be about the kids? Then how has our nation allowed political operatives in states, cities, and towns throughout our land to develop and manipulate accounting standards to benefit public employees within our school systems at the expense of our future generations?
Go ahead and rail on me as just another fiscal conservative who does not fully appreciate the dynamics of public education, especially in urban settings. I will respond with a strident, CHALLENGE!! Why? (more…)
Tags: accounting for education, Aspen Ideas Festival, Aspen Institute, Bill Gates, charter schools, Gates Foundation, Getting Schooled in Aspen, Joel klein, New York City Department of Education, public education, public pensions, Randi Weingarten, Sense on Cents Hall of Fame, teacher pensions, teacher union contracts, teacher unions, urban education
Posted in Education, General | 3 Comments »
Posted by Larry Doyle on June 8th, 2010 12:15 PM |
Is Barack Obama listening to the political winds blowing across Europe? With European central bankers turning away from ongoing fiscal stimulus in an attempt to avert a sovereign currency crisis, political leaders in Europe are singing from the same sheet of music. If you don’t think so, let’s listen to the recently elected British Prime Minister David Cameron. What does Cameron have to say? The Financial Times sheds real insights into the future for the UK in writing, Cameron Warns on Impact of Cuts:
David Cameron, Britain’s prime minister, yesterday put the country on notice that his plan to cut the £156bn deficit would have “enormous implications”, warning that public sector pay, pensions and state benefits would all face cuts.
Mr Cameron’s new coalition government has prioritised deficit reduction and is preparing Britain for what is expected to be a bruising “emergency Budget” on June 22. The prime minister said the cuts would hit “every single person in our country”.
What does Barack think about that? (more…)
Tags: Barack Obama, Cameron Warns on Impact of Cuts, David Cameron, deficit reduction in the UK, elections June 8 2010, Financial Times, Obama, Obama Administration, Obama sitting duck, public pensions, public sector pay and benefits, state benefits, UK emergency budget June 22, UK Prime Minister David Cameron, wealth creation, wealth redistribution
Posted in Barack Obama, David Cameron | 1 Comment »
Posted by Larry Doyle on April 6th, 2010 10:50 AM |
Making promises that can’t be kept.
Garnering support via payback, if not kickbacks.
Effectively misrepresenting expected returns.
Am I talking about Bernie Madoff and every other con artist who has ever perpetrated a Ponzi scheme? No, although I could be. I am addressing the reality of the public pension system in our country. Those participating in public pensions can rail on me all they want. The simple fact is the power and leverage of the public unions combined with the willingness of public officials to sell their souls, while mortgaging our children’s futures, have created a massive gap in the funding of public pension liabilities in our nation today. (more…)
Tags: Arnold Schwarzenegger, Bernie Madoff, Calpers, calstrs, Democratic party and public unions, entitlement programs, expected returns on pension holdings, financial frauds, financial promises, government control of retirement accounts, government entitlement programs, government IOUs, is California broke?, Larry Fink warns Calpers, mortgaging our childrens future, Obama administration takeover of retirement accounts, pension gaps, pension liabilities, pensions, Ponzi schemes, public officials, public pensions, public unions, Shortfall Awaits California's Big pension Funds, Social Security, Stanford University pension report, underfunded state pensions, University of California Retirement System i, will Uncle sam takeover my IRA
Posted in California, General, IRAs, pension obligations | 9 Comments »
Posted by Larry Doyle on February 22nd, 2010 10:10 AM |
I first introduced Orin Kramer, chairman of the council overseeing the New Jersey State Pension, to readers of Sense on Cents on January 5th. On that date I wrote “Public Pension ‘Smoothies’ Will Cost $2 Trillion”, highlighting the massive gap in the funding of our public pension system.
Last evening on my radio show, my guest Ronald Holland addressed how we should ultimately expect our retirement funds to be taken over by the government partially for the purpose of funding these pensions. You can listen to the entire interview with Mr. Holland here.
We wake up this morning and are revisited by none other than Orin Kramer, who provides a succinct but enlightening View From the Top interview to the Financial Times: (more…)
Tags: assumptions in pension accounting, corporate accounting, funding gap in pensions, government IOUs, Orin Kramer, Orin Kramer chairman of new jersey pension fund o, Orin Kramer View From the Top, pension gaps, pensions, public funds investments, public pension gap, public pensions, Ronald Holland, underfunded pensions
Posted in General | 1 Comment »
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