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HomeCalifornia Pen$ion Nightmare Wor$en$
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…)
California’s $100,000 Club’s Explosive Growth
Posted by Larry Doyle on June 2nd, 2011 8:15 AM |
While many clubs in our nation continue to suffer from declining membership rolls, there is one “club” experiencing explosive growth. What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance into this club is effectively a circuitous system of ‘payoffs’ and ‘kickbacks’ with the ultimate costs borne by average American citizens.
What club is this? (more…)
“Fix Pensions and We Won’t Have to Fire Teachers”
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…)
