It’s another Texas vs. California update!
The real reason the University of California system is raising taxes: “The real driving force behind the tuition hike is the university’s woefully underfunded pension system, which currently serves 56,000 retired employees. It’s a generous system, despite some reductions the university made for new hires in recent years. An Associated Press analysis found 2,129 retired UC employees collect pensions of more than $100,000 a year; 57 receive more than $200,000; and three receive more than $300,000.” (Hat tip: Pension Tsunami.)
Here’s the rare Texas vs. California item where both Texas and California get dinged: “Calpers holds about 75% of its portfolio in stocks and other risky assets, such as real estate, private equity and, until recently, hedge funds, despite offering benefits that, unlike IRAs or 401(k)s, it guarantees against market risk. Most other states are little different: Illinois holds 75% in risky assets; the Texas teachers’ plan holds 81%.”
A look at the relative pension costs of three bankrupt California cities: San Bernardino, Stockton and Vallejo. (Hat tip: Pension Tsunami.)
Magpul, is moving its headquarters from newly gun-hostile Colorado to Austin. This is on top of moving its manufacturing facilities to Wyoming.
“Something is happening in California. An unstoppable movement for reform is building, attracting support from conscientious Californians.” Much as I’d like to believe it, I remain skeptical that real education and pension reform can happen in California as long as it remains a one-party Democratic state… (Hat tip: Pension Tsunami.)
How California’s three-decades old Proposition 65 is threatening to bankrupt small businesses and enrich trial lawyers.
California: Roads? We don’t need no stinking roads. 57% of San Diego County’s projected infrastructure spending is on mass transportation…and critics are saying that’s not enough.
I’m surprised that I stumbled on this piece on the Newport Beach Police Department before Dwight did:
In recent years, daily examples of faithful public service inside the Newport Beach Police Department (NBPD) have been overshadowed by alarming corruption. City officials ignore or downplay the misconduct, but NBPD bosses turned the agency into a darker, stupider version of Animal House. Court records and internal documents show the city’s boys in blue have accepted gratuities in exchange for favors, gotten frat-boy drunk at work, lied under oath, passed out confidential information to pals, encouraged oral sex from female job applicants, committed wild adultery on duty, doctored official reports, hurled feces, dished out horrific domestic violence against wives and girlfriends, engaged in intoxicated bar fights, issued criminal threats, vandalized property, converted powerful agency spy equipment to personal use, and rigged promotion systems to ensure mostly see-no-evil, management-loyal employees rise–and let the hijinks continue.
Plus open war against whistle-blowers.
Speaking of public employees behaving badly, from Dwight comes this story of LA firemen being investigated for faking certifications.
Texas home sales reach their highest level in five years.
The headquarters of national buyer’s co-op NATM Buying Corp. is moving from Long island, New York to Irving, Texas.
Finally, in case you missed it a few days ago, three Texas budget links from the Texas Public Policy Foundation:
A detailed call for greater transparency in the Texas budget
A look at what an actual conservative Texas budget would look like; and
A real Texas Budget Worksheet, with historical budget data.