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Out of the Mouths of CalSTRS
Steven Greenhut: California’s pension systems are running enormous unfunded liabilities — i.e., the estimated debt to pay for current pension promises. But the pension funds want us to believe that there’s no problem and that there’s no need for additional contributions. Higher contributions from governments would spotlight the underfunding and excessive pension problem. Unions and pension funds like to point to the small percentage of the state budget that goes directly to funding pension shortfalls as evidence that there’s no real pension problem. But don’t take the word of pension reforms, here are the words of top CalSTRS (California State Teachers’ Retirement System) officials:
In other words, yes, California taxpayers owe teachers and retired teachers another $114 billion to make good on their pension promises. But don’t worry about it, CalSTRS will figure out a way to “manage” it.* *They will pray to their lucky stars for a resurgent economy that will cover up the pension debt for another couple of generations and if that fails, they will insist that the rest of us — stuck with a crummy and upside-down Social Security system — will pay higher taxes and not complain about it. DEC. 27, 2011
Comments(11) |
May 26, 2013
What would be the chance that we could actually lock the unions out, and start over with a non union workforce? That would fix the problem and California would prosper again.
Not a bad idea. But the chance of anything like that happening is zippo and decreasing.
As long as the power brokers (big money) remain in charge you will remain the ATM’s for the public pensioniers.
They will continue to separate you from your money for as long as they can keep the scam in operation. And it could last a long, long time.
There’s really only one solution. Pack up all your belongings and move. You have 49 other choices. Follow the other taxpayers.
That’s the only fail-safe solution to this problem.
There’s really only one solution. Pack up all your belongings and move. You have 49 other choices. Follow the other taxpayers.
That’s the only fail-safe solution to this problem.
I think this is happening more and more, and I think when Browns pension sales tax fails then the writing is going to be on the wall, no more tax hikes for muillionaire HS educated public emplopyees.
The last pension taxs failed, 1a-1g, San Diego’s sales/pesnion tax failed by 3-1, and mark my words, Browns pension sales tax will fail too.
Does ANYONE think Browns “temporary tax” will ever end??? Didn’t they say that on the last TAX HIKE?? That it would ONLY be 2 years?? Now Browns wants 5 YEARS??? Good luck with that. Anyone who buys that BS deserves to be seperated from their money, they are suckers.
What would be the chance that we could actually lock the unions out, and start over with a non union workforce? That would fix the problem and California would prosper again?
Zero chance of that happening.
Get used to the prone position….nothing changes under Jerry…get some work done….you need the money for taxes…
Rex, I read that in the next few years with the boomers retiring that about 17% of the State budget will be directly applied to public pension costs.
There is only two ways that they can finance that enormous expense: 1) higher taxes or 2) redistributing money normally used for public services to pension financing, thus reducing public services.
Jerry Clown understands this too well. His latest ploy is to get his tax hikes approved using 1) class warfare psychology (tax the rich), thereby persuading the peasants to increase the sales tax too as a means to get to the rich and 2) saturate the ballot with tax proposals thereby increasing the likelihood that one or two will pass.
For what it’s worth, that recent PPIC study claimed that over 60% of those polled approved of the higher sales tax and tax on the rich. Now we have to keep in mind that PPIC is a liberal organization in SF and most of their polls are heavily biased.
But I give Jerry Clown a 55% chance of getting his sales tax and tax on the rich passed. I simply do not have the confidence in the California voters that you have. People are easily manipulated by these clever strategies. If they pass the only solution is for people to flee the state.
Sales tax is not happening. Arnold lost it. San Diego lost theirs. Both by 2-1 and 3-1 margins.
The jig is up, NO ONE is raising their own sales tax or any other tax when 50 year old HS educated ff’s are “retiring” at age 50 with $10 million pensions.
I don’t car what any poll says. I have seen the animosity between real world employees and trough feeders and this si the end for the feeders. Just like Prop 13 was the end for runaway property tax hikes.
Brown can put his pension tax on the ballot all day long, once he loses, and he will, he wil have spent ALL of his political capital and that will be the end of him. In a way he has already failed misrably when he coudl nto get any repugs to turn when he was first trying this scam. He will fall into line and stop being a union lackey when his pension taxes fail.
I give Clowns pension tax hikes a 33% chance of winning.
Headline in today’s Sac Bee: Jerry Brown collects 1.2 million dollars in donations, in two weeks. What are those odds again, Rex?
[...] is giving us specifics. On December 27th, it said, “Recent media reports have suggested that to solve the unfunded liability the state will have to [...]