Comments on: Pension Iceberg Will Sink State Budget

By: Dr Ferrell Reedman

Dr Ferrell Reedman — Tue, 05 Jul 2011 15:35:06 +0000

CALPERS has enough money to cover pensions so there is no problem. The problem is that the RICH want the pension funds and they have cranked up the media machine to brainwash the lemmings into believing that public employees are to blame.

By: thewhigs

thewhigs — Tue, 05 Jul 2011 14:39:28 +0000

Most of these contracts were written in a VERY bias manner.

http://www.signonsandiego.com/uniontrib/20070529/news_mz1ed29middl.html

These contracts were built on nothing but LIES, LIES and MORE LIES….

I think these contracts with the unions should be overturned.

By: Rex ther Wonder Dog!

Rex ther Wonder Dog! — Sun, 03 Jul 2011 17:41:02 +0000

Well said Mark, you nailed it!

By: mark

mark — Sat, 02 Jul 2011 17:15:56 +0000

This is generational theft..pure and simple. This is not just a moral crisis of the first order, this is the moral crisis of our age. We are collectively endangering our children’s economic futures without giving them the slightest say in the matter. We are doing this systematically and with malice aforethought. Worst of all, we are pretending not to notice. Shame on the unions and their crony toadie union politicians that have sacrificed our children’s future by consuming future budgets for the next 30 years. Los Angeles is predicted to be BANKRUPT by 2014, San Francisco by 2016….as entire budgets are swept to pay the new $100k – 300k for life for folks retiring in their 50’s and on the take for 20 – 35 years plus free medical (that does a millionaire make and does not represent “middle class”) these unions have created the new elite – the new bourgeois – by clearly gaming and bribing the system to enrich themselves over our children and future. Pathetic….and shame on the politicians for enabling them and accepting the bribes. Our poor children.

By: Rex ther Wonder Dog!

Rex ther Wonder Dog! — Sat, 02 Jul 2011 08:34:34 +0000

Where were all the complainers when the public employee pension laws were changed in 1999?
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No one knew about SB400, it was done with no oversight, no pubic input or notice, the public employee dominated CalTURDS board also left out all the downside and only submitted cost estimates on best case scenarios, and that is well documented.

The pension give aways were-and still are- always negotiated behind closed doors and outside of public view.

By: Rocky

Rocky — Sat, 02 Jul 2011 03:07:11 +0000

Where were all the complainers when the public employee pension laws were changed in 1999? Too many Republicans were trying to stop gay marriage (remember Prop. 22?) instead. Now you can deal with the consequences.

By: SkippingDog

SkippingDog — Fri, 01 Jul 2011 17:26:22 +0000

“…constitutionally mandated pension subsidies….”

What other constitutional provisions would you suggest that we ignore?

By: Rex ther Wonder Dog!

Rex ther Wonder Dog! — Fri, 01 Jul 2011 16:48:41 +0000

Your fearmongering is based on worst-case scenarios drawn from the bottom of the economic downturn.
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LOL…another public trough feeder telling a whopper lie. CalTURDS is underfunded by over 50%, that is not fear mongering, that is a bankrupt pension ystsem trying to ripp off the poor to fudn their $10 million retire at age 50 GED cop and fgirewhiner pensions.

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If those conditions were to exist forever, there would indeed be problems. However, the situation has already rebounded substantially, and there is every reason to think that PERS is stable in the long run — which is the run that matters.
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#1-, the condition has not rebounded, sunstantially oir otherwise, CalTURTDS is still BK. There is NO reason to think CalTURDS is going to get out of BK mode.

In California actuarial methods show the Public Employee Retirement Fund (Calpers) at a funding ratio of 87 percent but when private sector market valuation is applied to Calpers, the funding ratio drops to 48 percent, according to the Bigg’s study. Likewise, California teachers’ funding (Calstrs) ratio under current actuarial methods is also 87 percent, as opposed to 46 percent when private sector market valuation is applied. Pension experts say funding levels below 80 percent place the long-term viability of pensions in jeopardy and are nearly impossible to overcome without massive borrowing, painful tax increases, cuts to benefits and increased contributions. Pensions with less than 80 percent of the assets needed to cover present and projected liabilities are considered “endangered,” while those below 65 percent are classified as “critical” under the Pension Protection Act of 2006.

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Unfortunately, people with ideological axes to grind — people who hate government and want to tear it down for any reason — are continuing to use bogus data to frighten people.

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LOL…the old “haters” argument from a fraudulent scammer-I love it!

Go home trough feeder, your scam won’t work here. Your days of GED cops/ff’s/prison guards/teachers/city managers/city attorneys/DA’s getting $10 million pensions at age 50 on the backs fo the poor and middle class are now over..

By: Rex ther Wonder Dog!

Rex ther Wonder Dog! — Fri, 01 Jul 2011 16:42:00 +0000

In 2008, the Cal-PERS pension fund lost $100 billion. CalPERS proudly states that it has plugged $70 billion of that loss already
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They are still down over $130 BILLION, or more than half of the amount CalTURDS should be funded, which is $350 billion.

By: RObert

RObert — Fri, 01 Jul 2011 05:20:55 +0000

Wl. Your right. Case closed!