Posts Tagged ‘San Bernardino’

San Bernardino bankruptcy shows pensions crowding out services

Wednesday, April 23rd, 2014
San Bernardino city seaL BANKRUPT

  In his novel “The Sun Also Rises,” California novelist Ernest Hemingway wrote, “How do you go bankrupt? Two ways: Gradually, then suddenly.” Case in point: the City of San Bernardino, which filed for bankruptcy in 2012. The pace of municipal bankruptcy there has been slow beca...

Pension follies: New Jersey adopts insane San Diego approach

Tuesday, April 1st, 2014
wimpy

California leads the way when it comes to government pension dysfunction. The first big city to be stricken by pension costs in the U.S. was San Diego, leading to the memorable 2004 New York Times' description of it as "Enron by the Sea." Since then, three cities in the Golden State have either e...

San Jose Mayor Reed folds on pension initiative

Wednesday, March 19th, 2014

In a disappointing indicator of the challenges facing public pension reform, outgoing San Jose Mayor Chuck Reed has shelved his statewide ballot initiative designed to address the problem. The mayor blames a time crunch and unappealing language used in Attorney General Kamala Harris' ballot summa...

PRI report examines bankruptcy as tool for struggling cities

Thursday, January 16th, 2014

The Pacific Research Institute has released a report that couldn't be more timely. "Going Broke One City at a Time: Municipal Bankruptcies in America" by economist Wayne H. Winegarden. buy a paper if (1==1) {document.getElementById("link4533").style.display="none";} One of Winegarden's ...

Why Arnold owes U.S. taxpayers billions of dollars (non-bullet train edition)

Thursday, September 12th, 2013
salinas

Two interesting pieces published recently make a strong case that government can be made far more efficient if we actually tried empirically to evaluate what worked and what didn't. On the Zocalo Public Square website, Pepperdine academic Pete Peterson takes a look at how this sort of thinki...

Federal judge rebuffs CalPERS, OK’s San Bernardino bankruptcy

Friday, August 30th, 2013
Emergency room - wikimedia

In a victory for taxpayers, a federal judge ruled Wednesday that the City of San Bernardino is eligible to file for bankruptcy. That trumped the claims of the California Public Employees Pension System that the court had the paramount right to force the city to raise taxes to fund pensions. ...

California government as organized looting, chapter 237

Friday, April 5th, 2013

April 5, 2013 By Chris Reed The longer I've lived in California, the more governance here seems to resemble organized looting of taxpayers. It's not just the showy and ridiculous things, like the longtime president of the CalPERS governing board being a top official in the California Federation of...

Bankruptcy judge rejects CalPERS’ claim to protected status

Wednesday, April 3rd, 2013

April 3, 2013 By Chris Reed As John Seiler pointed out here Tuesday, Monday's court ruling by U.S. Bankruptcy Judge Christopher Klein isn't seen as definitive. Yes, the city of Stockton can proceed with its bankruptcy filing. No, Klein doesn't yet agree with the city's plan to only short bondhold...

Judge: Stockton can go belly up

Tuesday, April 2nd, 2013

April 2, 2013 By John Seiler It’s official: The city of Stockton is bankrupt. On April 1, U.S. Bankruptcy Judge Christopher Klein ruled that Stockton's bankruptcy can proceed. "It's apparent to me the city would not be able to perform its obligations to its citizens on fundamental public safety ...

Reuters bests state media at covering San Bernardino’s collapse

Monday, April 1st, 2013

April 1, 2013 By Chris Reed If you had to fashion a nut graph to explain why so many local California governments are in deep fiscal trouble, here's my nominee for an honest generic overview: Over the past 20 years, the city/county/district's political leaders have often acceded to union demands ...