Posts Tagged ‘San Bernardino’
Thursday, April 2nd, 2015
Time for another Texas vs. California roundup. The Texas House passed a budget, but I haven’t had a chance to look at it in any detail yet…
Unemployment rates in February: National average is 5.5%, Texas at 4.3%, California at 6.7%.
Even though hiring slowed to 7,100 new jobs in Texas in February, it was still the 53rd straight month of positive job creation, and Texas added 357,300 new jobs over the preceding 12 months.
A report from the Dallas Fed goes into more details.
California institutes mandatory water restrictions due to drought. California is indeed suffering a horrific drought, but it’s imposition of or acquiescence to idiotic environmental restrictions (see also: Delta Smelt) have made things much worse.
Some have proposed free market solutions to California’s water problems.
Workers comp abuse at LAPD/LAFD. (Hat tip: Pension Tsunami.)
Add Richmond, California to the list of cities that have radically underfunded their public employee retirement plans. “The shortfall of $446 million works out to about $4,150 for every city resident.” (Ditto.)
San Bernardino reveals its bankruptcy deal with CalPERS. (Hat tip: Pension Tsunami.)
Volokh the Younger examines the legal framework around the California rule (“not only that public employees are entitled to the pension they’ve accrued by their work so far, but also that they’re entitled to keep earning a pension (as long they continue in their job) according to rules that are at least as generous”), as well as its practical effects:
The California rule distorts what the salary/pension mix would otherwise be, given employer and employee preferences, and given the tax code as it is. Because underfunded pensions are a popular form of deficit spending, public employee compensation may already be too pension-heavy, and the rule makes it more so by freezing pensions in times of retrenchment. The incentive effects of the rule, given the political economy of government employment, may well exacerbate this tendency. And the possible theoretical reasons for preferring a pension-heavy mix don’t go very far in justifying this particular distortion.
California runs out of room on death row. Maybe they could subcontract to Texas…
Fresno’s deputy police chief busted on drug charges.
Tags:Alexander Volokh, California, Fresno, LAFD, LAPD, Los Angeles, pension crisis, Richmond (California), San Bernardino, Texas, unemployment, unions, Welfare State
Posted in Texas, unions, Welfare State | No Comments »
Thursday, March 26th, 2015
Time for another Texas vs. California roundup:
Forget all those snide liberal cracks about Texas’ public education system, since we have some of the highest graduation rates in the country.
“San Bernardino has defaulted on nearly $10 million in payments on its privately placed pension bond debt since it declared bankruptcy in 2012.”
The missed payments illustrate the trend among cities in bankruptcy to favor payments to pension funds over bondholder obligations, which has increased the hostility between creditors and municipalities.
San Bernardino declared last year that it intends under its bankruptcy exit plan to fully pay Calpers, its biggest creditor and America’s largest public pension fund with assets of $300 billion.
The city continues to pay its monthly dues to Calpers in full, but has paid nothing to its bondholders for nearly three years, according to the interest payment schedule on roughly $50 million of pension obligation bonds issued by San Bernardino in 2005.
If you’re a bank, a retirement fund, or a hedge fund, why on earth would you buy California municipal debt when there are safer alternatives? (Hat tip: Ace of Spades HQ Doom roundup.)
So how’s that San Francisco minimum wage law working out? Exactly like everyone who understands economics expected. “Some restaurants and grocery stores in Oakland’s Chinatown have closed after the city’s minimum wage was raised. Other small businesses there are not sure they are going to survive, since many depend on a thin profit margin and a high volume of sales.” Plus this: “Low-income minorities are often hardest hit by the unemployment that follows in the wake of minimum wage laws. The last year when the black unemployment rate was lower than the white unemployment rate was 1930, the last year before there was a federal minimum wage law.”
California’s Legislative Analyst’s Office suggests phasing out state health care for workers entirely.
California is dead last in spending transparency among the 50 states, with an F rating and a piddling score of 34. Texas ranks 13th with an A- and a score of 91. (Hat tip: Cal Watchdog.)
“North Texas gained an average of 360 net people per day from July 2013 to July 2014, a testament to the job-creating machine in the Lone Star state, according to the U.S. Census Bureau…North Texas and Houston were the only metropolitan areas to add more than 100,000 people during that one-year period.”
Just because California has some of the highest taxes in the nation doesn’t mean that the state’s Democratic legislature doesn’t want to add still more.
Meanwhile, the Texas Senate just passed a $4.6 billion tax cut.
California is rolling out more subsidies for Hollywood.
The Los Angeles Department of Water and Power not only has the highest employe costs in the country, it also ranks last in customer satisfaction. (Hat tip: Pension Tsunami.)
While Texas is certainly in much better shape than California on public employee pensions, things here are not entirely cloudless either. “The Texas Employee Retirement System is reporting unfunded liability of $14.5 billion in 2014, compared with liability of just $6.3 billion in 2013. By comparison, all of the state government’s general obligation debt as of 2013 was $15.3 billion. The Texas Law Enforcement and Custodial Officer Supplemental Retirement Plan is reporting unfunded liability of $673.1 million in 2014, compared with $306.7 million in 2013.”
Unlike California, Texas looks to get ahead of the curve on pension concerns with House Bill 2608, which restores control of pension funds to the local level by eliminating legislative approval for pension changes. I”nstead of locking up significant benefits in state statute, HB 2608 would allow city pension systems, like the Houston Firefighters’ Relief & Retirement Fund, to solve pension problems at the local level by changing benefit structures, if they so chose.”
“Support for the “bullet train” is ebbing across California, except, perhaps, in the Governor’s mansion.”
California raisin packer West Coast Growers files for Chapter 11.
American Spectrum Realty, a real estate investment management company that operates self-storage facilities under the 1st American Storage brand, has somehow managed to file for bankruptcy in both California and Texas. I think it’s safe to say that financial shenanigans are involved…
Lawsuit over misappropriated funds in a Napa Valley winery leads to a murder/suicide. It’s one of those stories that sounds too strange not to link to…
Tags:Budget, California, Crime, Economics, education, Los Angeles, minimum wage, Napa, Oakland, pension crisis, San Bernardino, San Francisco, Texas, unions, Welfare State
Posted in Budget, Crime, Democrats, Economics, Texas, unions, Welfare State | No Comments »
Thursday, December 4th, 2014
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.
Tags:Budget, California, CalPERs, Magpul, Newport Beach, San Bernardino, Stockton, Texas, Texas Public Policy Foundation, unions, University of California, Vallejo, Welfare State
Posted in Budget, Democrats, Texas, unions, Welfare State | No Comments »
Wednesday, November 26th, 2014
Who knows how many people will read this in the rush of Thanksgiving travel:
Texas’ economy continues to kick ass.
In fact, Texas set a record for new jobs for the third month in a row. (Hat tip: The Twitter feed of Texas’ incoming governor.)
Texas also leads the nation in oil and gas jobs created. (Hat tip: Texas’ incoming Comptroller.)
CalPERS retirees will soon soon outnumber active workers. (Hat tip: Pension Tsunami.)
California’s death by pensions.
Bankrupt San Bernardino caves in to CalPERS.
Still, court rulings make it possible that bankrupt cities may shed pension obligations in the future.
You know how California’s Prop 30 tax hikes in 2012 were supposed to prevent university pension hikes? Guess what? “Despite the massive tax hikes ostensibly to keep higher education affordable, the University of California Board of Regents just announced a sizable increase in tuition.” Let’s hope that students at California universities learn the proper lesson: tax hikes are never temporary.
Indeed, tuition will increase around $15,000 by 2019.
The underfunded liabilities across all California pension systems adds up to $130 billion.
Pension crisis divides California Democrats on UC tuition hikes.
Demands from union-backed environmental group torpedo plans for a Japanese-owned factory in Palmdale, California.
Education reform loses in California.
California is spending $33 million to get rid of 800 non-endangered birds.
Costa Mesa motel residents sue over a law requiring them to move every 30 days.
Some Tweets:
Tags:Budget, California, Democrats, pension crisis, San Bernardino, Texas, unions, Welfare State
Posted in Budget, Democrats, Texas, unions, Welfare State | No Comments »
Wednesday, September 17th, 2014
Time for another Texas vs. California roundup:
The Texas economy continues to hum along:
During the second quarter, Texas employers added 148,200 net nonfarm jobs—an average of 49,400 per month. This amounts to an 18 percent share of all jobs created nationwide over this period in a state with only 8 percent of the country’s population and about 10 percent of total economic output. Over the last year, the addition of 382,200 net jobs in Texas was more new jobs than any other state. These employment gains increased the annual job growth rate to 3.4 percent, which is higher than those of the national average and other highly populated states.
The city of Los Angeles is at an impasse over police raises: the police union (naturally) wants raises, while the city says they can’t afford them. So what happens next? The issue goes before the Employee Relations Board, which just happens to be packed with union-approved appointees. In one-party Democratic cities and states, it’s always government together with unions against taxpayers. (Hat tip: Pension Tsunami.)
“The ugly reality is that so long as the boards of CalPERS and CalSTRS are controlled by public employee union loyalists, pension reforms enacted by state lawmakers and signed by governors will never live up to their billing.”
Jerry Brown lies about pension spiking.
Why San Antonio’s public-private partnerships are better at dealing with drought than Los Angeles.
A FAQ on Costa Mesa’s pension situation. Including answers to such questions as “How could the $228 million in unfunded pension liabilities affect the city budget?”
Watsonville, California passes a sales tax hike solely to pay for additional union pension payments.
A judge rules that bankrupt San Bernardino can cut firefighter pension benefits in order to exit bankruptcy.
A union-sponsored bill tries to increase liabilities for companies that hire contractors.
California is evidently cooking up a whole new batch of unconstitutional gun laws.
A look at phony baloney jobs numbers for California’s high speed rail boondoggle.
Firefly Space Systems is relocating from California to Burnet County, Texas. “King said Firefly was attracted to Texas partly because of its business and regulatory climate.” It doesn’t take a rocket scientist to figure out California offers a lousy climate for business. Or to put it another way: My days of underestimating California’s ability to improve its business climate are certainly coming to a middle…
Drone-maker Ashima is relocating to Reno, Nevada from California.
If you hadn’t heard, Tesla is building its battery factory in Nevada, not California.
An actual good law out of California: A law that prevents companies from suing customers for negative reviews.
North Carolina offered twice as much incentive money to Toyota but still lost out to Texas for relocating their HQ.
Your dedicated BART employee in action:
Tags:Ashima, Austin, BART, Budget, Burnet County, California, CalPERs, CalSTARS, Democrats, drought, Firefly Space Systems, Jerry Brown, Los Angeles, North Carolina, Regulation, San Antonio, San Bernardino, Tesla Motors, Texas, Texas Public Policy Foundation, unions, video, waste, Watsonville
Posted in Austin, Budget, Democrats, Regulation, Texas, unions, video, Waste and Fraud, Welfare State | 2 Comments »
Monday, August 25th, 2014
Another look at how Texas stacks up to the no-longer-so-Golden state:
Problem: Those lousy taxpayers get pension reform passed. Solution: CalPERS uses “99 categories of ‘special pay'” to go on a pension spiking orgy.
What are some of those 99 categories? “Clerks who type well. Cops who shoot straight. Librarians who are “assigned to provide direction or resources to library patrons.” I’m too scared to check if “Teachers who don’t rape their students” is an actual category or not…
Governor Jerry Brown is sending mixed signals on the pension spiking issue.
Who actually owns the CalPERS gap between actual funding and what they’ll need to pay out? “CalPERS can be risky (and it has been) with no consequences. The taxpayers have all the responsibility, but none of the control.”
So how much payroll and pension did Stockton trim in their bankruptcy? Zero.
There is no California comeback. “Personal income-tax revenues fell by 11 percent in the first quarter of this year and more than 6 percent through June.”
California cities are among the slowest to recover from the recession.
The only way California can get pensions under control is through a constitutional amendment.
Los Angeles Department of Water and Power is asking for more money. They’re also asking Angelinos to overlook their high salaries and lack of accountability.
City leaders are battling with DWP’s union, the International Brotherhood of Electrical Workers Local 18, to release financial records of a nonprofit trust, run jointly by labor- and management-appointed trustees, that has run through $40 million in ratepayer money. Brian D’Arcy, IBEW Local 18’s business manager, has refused to turn over the trust’s financial records, and DWP executives have said they don’t know how the money was spent.
California voters get to weigh in on a 7.5 billion water bill in November, which seems to have considerably less pork than a previously delayed $11 billion bill.
So how does bankrupt San Bernardino plan to climb into the black? Cutting back on outrageous pensions? Ha, you must be high! “Help us, weed, you’re our only hope!”
I know this is a shock, but California’s High Speed Rail Authority is behind schedule on buying land for it’s doomed boondoggle.
Los Angeles City Councilman Paul Koretz opposes ride share programs like Uber and Lyft. Strangely enough, he’s also received $11,000 in campaign contributions from the taxi industry. Quid pro, meet quo.
YTexas helps companies relocating to Texas connect with local businesses.
Tags:California, CalPERs, fraud, Jerry Brown, Los Angeles, marijuana, San Bernardino, Stockton, Texas, unions, Welfare State
Posted in Budget, Texas, unions, Waste and Fraud, Welfare State | No Comments »
Thursday, July 3rd, 2014
Enjoy Independence Day tomorrow. In the meantime, here’s another Texas vs. California roundup:
Burwell vs. Hobby Lobby wasn’t the only important Supreme Court case last year. The Harris vs. Quinn decision, invalidating mandatory union fees for home health care workers, could have a huge impact on SEIU in California. “where 400,000 state-paid in-home care workers are represented by the SEIU.”
Former CalPERS CEO to plead guilty to bribery and conspiracy charges.
At least 1,500 Bay Area employees have racked up $50,000 in yearly overtime. “A Monterey County jail guard who worked enough overtime to nearly triple his annual base pay to $264,000 last year.”
Wonder why San Bernardino is bankrupt?
“San Bernardino, California, said that to exit bankruptcy it must terminate a union contract that pays an average annual salary of $190,000 to each of its top 40 firefighters,” according to an article in Bloomberg. That’s just salary. Firefighters receive the generous “3 percent at 50″ retirement package that allows them to retire with 90 percent of their final years’ pay at age 50. And there are lots of pension-spiking gimmicks and other benefits on top of that.
“These cities are run for the benefit of those who work there. Public services are a side matter at best.”
Murrieta, California Protesters greet Obama Administration shipment of illegal aliens with protests, blocking them from being dumped in their community.
Judge strikes down Pacific Grove pension initiative.
Some bay-area California cities want to hike they local minimum wage. Hey, that won’t hurt businesses here in Texas, so knock yourselves out…
More on Toyota’s relocation to Texas, along with some tidbits on the Texas economy:
Toyota’s move to Texas is a high-profile relocation, but Texas has been used to adding — and filling — new jobs at a superlative pace. The state added more than 1.9 million new jobs over the period from December 1999 to April 2014, more than 35 percent of the entire nation’s total for that 15-year period, noted Michael Cox, an economics professor at Southern Methodist University in Dallas. And Texas had an unemployment rate of just 5.1 percent in May, 16th-lowest in the United States.
Meanwhile, Cox noted, Texas’s median wages are 28th-highest in the nation; and they rank 8th-highest after adjusting for taxes and prices. Texas schools rank 3rd, he said, after adjusting for variations in student demographics, a raw statistic which places Texas 28th in the nation.
“We’re able to accomplish all this and more because the business environment in our state is largely competitive, and free markets solve problems,” Cox told me. “Texas is a meritocracy, where incentives still work to produce good results.”
“Six current and former members of the Los Angeles County Sheriff’s Department were found guilty Tuesday of obstruction of justice.
Grand Jury:”Hey, you might want to consider a pension reform task force.” City of Napa: “Get stuffed.”
Santa Ana-based Corithhian Colleges could be headed for bankruptcy.
Texas is now home to more Fortune 1000 Companies than any other state.
Liberals are still upset that Texas’ red state model is kicking the ass of California’s blue state model. Enter the Texas Tribune, which admits that:
Drive almost anywhere in the vast Lone Star State and you will see evidence of the “Texas miracle” economy that policymakers like Gov. Rick Perry can’t quit talking about….
This hot economy, politicians say, is the direct result of their zealous opposition to over-regulation, greedy trial lawyers and profligate government spending. Perry now regularly recruits companies from other states, telling them the grass is greener here. And his likely successor, Attorney General Greg Abbott, has made keeping it that way his campaign mantra.
It’s hard to argue with the job creation numbers they tout. Since 2003, a third of the net new jobs created in the United States were in Texas. And there are real people in those jobs, people with families to feed.
But the piece also notes that Texas has led the nation in worker fatalities for seven of the last ten years. I’m not going to get into the details of worker compensation that make up the bulk of the piece, and it is quite possible there is some room for improvement in worker safety. But I do want to note that, as the second largest state in the union, and the one with the biggest oil and gas industry, it’s not terribly surprising that Texas would have the largest number of fatalities, since oil and gas has a fairly high fatality rate (though not injury rate) compared to other industries (see page 14 here).
Tags:Border Controls, Budget, California, CalPERs, corrupt scumbags, corruption, Crime, fraud, Harris vs. Quinn, Los Angeles, Murrieta, Napa, San Bernardino, SEIU, Texas, unions
Posted in Border Control, Budget, Crime, Democrats | No Comments »
Friday, June 20th, 2014
Believe it or not, there seem to be a few actual glimmers of sanity in California in the latest roundup:
Texas: Not just leading the nation in jobs, but doing it more equitably as well.
“The income gap between rich and poor tends to be wider in blue states than in red states.” More: “Texas has a lower Gini coefficient (.477) and a lower poverty rate (20.5%) than California (Gini coefficient .482, poverty rate 25.8%).” (Hat tip: Instapundit.)
Perhaps the biggest crack in the “Blue State” model this month was a state superior court judge ruling that California’s teacher protection laws were illegal, because they violated the equal protection clause for students. How the Vergara vs. California decision plays out on appeal is anyone’s guess, but just recognizing that union contracts that keep crummy teachers employed harms students is a huge step forward.
New California payroll and pensions numbers are now available. “The data shows that public compensation in California is growing more out of control, threatening the solvency of the state and local governments.” Let’s take a look at a few locales, shall we?
Will wonders never cease: CalWatchdog calls the just-passed California budget “fairly prudent.”
The legislature also passed a law almost doubling the amount of money school districts pay into CalSTARS.
But don’t let that fool you: California’s legislature is still crazy.
Especially since California Democrats just elected a new Senate leader guaranteed to pull them to the left.
But Republicans are poised to torpedo California Democrat’s Senate supermajority.
Desert Hot Springs is contemplating dissolving it’s police force to avoid bankruptcy. (By my count, 21 Desert Hot Springs police officers make more than $100,000 a year in total compensation. Including five officers who make more than the Police Chief…)
San Bernardino has evidently reached agreement with CalPERS in it’s ongoing bankruptcy case, but no details have been reported.
They also closed a gap in a yearly budget thanks to some union concessions. But one union is balking, and its members are threatening to join the SEIU instead.
The California town of Guadalupe considers bankruptcy. One problem is that the town has been illegally transfering money from dedicated funds (like water bills) to general funds. “If voters do not pass three new taxes in November, Guadalupe is expected to disband its police and fire departments, enter bankruptcy or disincorporate, meaning it would cease to exist as a city.”
Ventura County residents collection enough signatures to force a ballot measure on pension reform. Response? A lawsuit to keep it off the ballot.
Los Angeles 2020 Commission goes over what changes the city needs to avoid a future where “40% of the population lives in ‘what only can be called misery,’ ‘strangled by traffic’ and hamstrung by a ‘failing’ school system.” Response? “Meh.”
Sickout among San Francisco municipal bus drivers. Good thing poor people don’t depend on buses for transportation…
Huge growth in Texas apartment complexes.
California’s prison system illegally sterilizes female inmates against their will.
The Obama Administration Department of Education is driving the California-based Corinthian for-profit college chain out of business.
A Californian discusses why relocation to Texas might be attractive, and hears the pitch for Frisco, Texas.
“‘Building a business is tough. But I hear building a business in California is next to impossible,’ Perry says.”
California regulators can’t be arsed to come out and check flaming tap water.
California bill to add warning labels to soft drinks fails.
California-based nutritional supplement maker Natrol files for bankruptcy, mainly due to class action suits. I note this because I’ve found their 3mg Melatonin to be really effective as a sleep aid.
Tags:Border Controls, Budget, California, CalPERs, CalSTARS, Desert Hot Springs, education, Frisco, Guadalupe (California), Los Angeles, pension crisis, Regulation, San Bernardino, SEIU, Stockton, Texas, unions, Vallejo, Ventura County, Vergara vs. California, Welfare State
Posted in Border Control, Budget, Regulation, Waste and Fraud, Welfare State | 1 Comment »
Wednesday, May 14th, 2014
Time for another Texas vs. California roundup:
Chief Executive ranks the states for business friendliness. Once again, Texas is ranked the best state for doing business in. And once again, California is ranked the worst.
“Texas is the best state for business and I don’t see anything to slow TX down. The education and quality of eligible employees is excellent right now. Business is booming and growing quicker and more rapidly in 2014 than any other year. It’s an exciting time in Texas.”
“California goes out of its way to be anti-business and particularly where one might put manufacturing and/or distribution operations.”
“California continues to lead in disincentives for growth businesses to stay.”
“California’s attitude toward business makes you question why anyone would build a business there.”
“California could hardly do more to discourage business if that was the goal. The regulatory, tax and political environment are crushing.”
California Governor Jerry Brown unveils a budget that takes baby steps toward actual pension and budget reform. Naturally Brown’s fellow Democrats in the state legislature are fighting him every step of the way.
Texas vs. California? Try Houston vs. California:
California state rep thinks the minimum wage in the state should be $26 an hour. I agree, especially if they call it the “Let’s Drive All Remaining Business to Texas Act”…
When he was a San Diego City Councilman, California Democrat Congressman Scott Peters not only underfunded the city’s pension plan while hiking benefits, he indemnified the pension board for doing so.
More on Peters, via an attack ad:
“A new analysis of California’s independent public retirement systems suggests they are more woefully underfunded than they appear, and that Los Angeles County is among the worst of all.”
Bankrupt Stockton’s last remaining big creditor refuses to take 1¢ on the dollar for debts the city owes. (Remember: State pension fund CalPERS didn’t take any haircut at all.)
In bankrupt San Bernardino, talks between the city and CalPERS are making the federal judge overseeing the case impatient.
Chuck DeVore on why Texans trust their state government more than most:
Then factors that appear to explain from 13 percent to 30 percent of the differences in trust among the states: rate of union membership,with more trust in states with lower union membership; state’s level of soft tyranny, a measure of the power of state government over its people; percentage of state and local taxes as a share of income, with lower taxes leading to more trust; the right to keep and bear arms, with citizens trusting a government that trusts them to defend themselves; a business-friendly lawsuit climate; the days the legislature is in session, with less trust as the legislature approaches full-time; and the average commute time, with less time spent in traffic leading to more trust.
Lastly, a combination of from two to four of the previous factors correlates to 34 to 41 percent of the trust in each state with a mix of four: taxes, gun rights, lawsuit reform and commute time, showing the highest link to trust. Comparatively speaking, Texas lawmakers have done well in these four areas of public policy.
When building trust in state government, enacting liberty-minded legislation is a good place to start.
But it isn’t all sunshine in Texas Local debt continues to rise, though Eanes School District voters finally decide that they’ve had enough and defeat a bond proposal.
Tags:Budget, California, CalPERs, Chuck DeVore, Democrats, Jerry Brown, pension crisis, Regulation, San Bernardino, Scott Peters, Stockton, Texas, unions, video
Posted in Budget, Democrats, Regulation, Texas, unions, video, Waste and Fraud | No Comments »
Tuesday, April 29th, 2014
Big news, as one of the world’s largest car makers decides to abandon tax-and-spend California for the Lone Star State:
Toyota is moving U.S. sales and marketing operations from Torrence, California to Plano, Texas.
California has become infamous with business executives and owners there not only for high tax rates and complex taxing schemes but also for overzealous regulations and regulators that have managed to stifle the entrepreneurial energy of thousands of companies.
“Criminal activity is the extreme manifestation of California’s institutionalized progressive hypocrisy.”
ZeroHedge (quoting a certain gun-grabbers business news service) offers up the most and least taxing states in America. Once again, California tops the list for most taxing. Plus a handy visual representation:
“California doesn’t just have the highest state income tax in the nation. It leads the rest of the country in almost every category of taxation: the highest state sales tax, the highest taxes on gasoline at the pump, and the highest corporate tax west of the Mississippi. And the taxes aren’t doing much for the people of the state, rich or poor. For the first time in history, the Census Bureau reports that California is also the poorest state in the nation, with 23.8% of the population living in poverty, in large part because of California’s high cost of living (which is not helped by all the sky-high consumption taxes the Democrats have enacted and the poor must pay to survive.)”
If that weren’t bad enough, a new bill (SB 1372) threatens to levy a class-war tax on CEO salaries. “Their bill would change the state’s fixed tax rate on publicly traded corporations to a sliding levy that’s pegged to the earnings gap between the top-paid executive and the median worker.” Evidently Democrats want all publicly traded corporations in California to move their headquarters to Texas…
The Pension Tsunami is going to wreck California sooner rather than later. “State and local governments in the Golden State have underfunded their golden-parachute pension promises by a terrifying half a trillion dollars. Twenty thousand public employees now collect yearly pensions of $100,000 or more.”
Some of the money those “public servants” are raking in is pretty staggering: “In 2012, more than 100 individuals took home more than $500,000 in total compensation; 8,248 raked in more than $250,000; 28,844 cashed in to the tune of $200,000 or more.”
Superintendent in a California school district who oversees 6,600 students pulled down a cool $674,559 last year. (Hat tip: Dwight.)
Evidently CalPERS and San Bernardino are still negotiating.
If you think CalPERS is going broke now, just wait to California’s bankrupt cities start writing down debts owed.
Everyone knows San Francisco is as liberal as liberal can be. Yet even there voters have voted down green energy mandates.
California hot sauce maker Sriracha is still mulling relocation offers. Texas is still a possibility.
California’s tax bureaucracy will continue suing you after 20 years, even if they’ve lost in court.
Poll of residents shows that Texas is one of the five most popular states to live in. “Texans rank high on standard of living and trust in their state government, and they are less negative than others are about the state taxes they pay.”
Texas isn’t immune from California’s troubles when big city officials start spending like California Democrats. Big-spending Texas cities should learn from bankrupt Detroit’s example.
Tags:California, CalPERs, San Bernardino, San Francisco, Sriracha, Texas, Toyota, unions, Welfare State
Posted in Budget, Democrats, Texas, unions, Waste and Fraud, Welfare State | 1 Comment »