California Public Pensions Underfunded by Over $500B

[zeitgeist]

Tuesday, April 06, 2010

Study: California Public Pensions Underfunded by Over $500B




Hold on to your hoop skirts pretty ladies this just storm ain't gonna blow over anytime soon!!

Tuesday, April 06, 2010

Study: California Public Pensions Underfunded by Over $500B
 
California's three major public pension funds are underfunded by more than half a trillion dollars, according to a report released Monday, the San Jose Mercury News reports.

Gov. Arnold Schwarzenegger (R) commissioned the study, which was prepared by graduate students at the Stanford Institute for Economic Policy Research (Theriault, San Jose Mercury News, 4/5).

The study examined:

The California Public Employees' Retirement System;
The California State Teachers' Retirement System; and
The University of California's retirement system (Walters, "Capitol Alert," Sacramento Bee, 4/5).
{snip fair use teaser}


Link to article>

I found this comment on the article both telling and troubling.

25 04/06/2010 SPQR US

This is the best news I've heard all day! I love it. Burn baby burn, the roof the roof the roof is on fire! I want towatch these thieves starve in the streets they forced me to pay high taxes so they could live in style. $500 Billion is a wonderful number because the state does not and cannot have it. FAIL! welcome to my world you corrupt union slugs.

The baby boomers seem to be marching off to a very uncertain retirement future in many states.

[The Village Idiot]

"Too big to fail"

We're all gonna be made to pay for this.

[The Village Idiot]

Is there any state that comes close to being as messed up as Californicator??

Not just economically or politically either

[Chris]

Michigan?

Illiinois?

New York?

New Jersey?

[zeitgeist]

Michigan?

Illiinois?

New York?

New Jersey?

yep, yep, yep, yep.

Scary isn't it.

[The Village Idiot]

I don't know.

Do those states give "medical" (har har) pot to kids??

[zeitgeist]

I don't know.

Do those states give "medical" (har har) pot to kids??

[du] Duh, if they don't then they should[/du]

I am not sure if the graph I want to insert will show up for everyone but I am going to give it a try.



Other sisters in sin inspired by out of control "public unions." 

[Javelin]

The baby boomers seem to be marching off to a very uncertain retirement future in many states.

I find the comment telling, but not troubling.  The comment is simply a sign of the current sentiment of many people.  I mean really, look at Greece and see what happens when people do not get what they think they deserve, they turn over cars and set them on fire and threaten to riot and burn the country down.  In the USA its even worse, like a double barrel shotgun.  You have those who believe they deserve it, and those that are sick of supporting those that think they deserve it and are pissed at those that force them to support it. 

The way our founders founded this country was by revolution, the only way this country can end due to the wisdom used in its design, is by revolution.  I have no question about that no matter how much I may dislike it.  I accept the fact of the matter for what it is. 

We have not seen the beginning of the madness yet.  The rates on 7 and 10 year bonds keep rising, states cannot cover their deficit and government seems to have some kind of magic purse that shits out trillion dollar bills.  There is NO WAY for this to have a happy ending.

[rich_t]

I find the comment telling, but not troubling.  The comment is simply a sign of the current sentiment of many people.  I mean really, look at Greece and see what happens when people do not get what they think they deserve, they turn over cars and set them on fire and threaten to riot and burn the country down.  In the USA its even worse, like a double barrel shotgun.  You have those who believe they deserve it, and those that are sick of supporting those that think they deserve it and are pissed at those that force them to support it. 

The way our founders founded this country was by revolution, the only way this country can end due to the wisdom used in its design, is by revolution.  I have no question about that no matter how much I may dislike it.  I accept the fact of the matter for what it is. 

We have not seen the beginning of the madness yet.  The rates on 7 and 10 year bonds keep rising, states cannot cover their deficit and government seems to have some kind of magic purse that shits out trillion dollar bills.  There is NO WAY for this to have a happy ending.

Come on dude...

Bread and Circuses does work.

Look at ancient Rome.

LOL.

Time for me to roll it out again:


"The America of today is a laboratory example if what can happen to democracies, what has eventually happened to all perfect democracies throughout history.  A perfect democracy, a 'warm body' democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.  It depends solely on the wisdom and self-restaint of citizens... which is opposed by the folly and lack of  self-restraint of other citizens.  What is supposed to happen in a democracy is that each soveriegn citizen will always vote in public interest for the safety and welfare of all.  But what does happen is that he votes his own self-interest as he sees it... which for the majority translates as 'Bread and Circuses'.

Bread and Circuses is the cancer of democracy, the fatal disease for which there is no cure.  Democracy often works beautifully at first.  But once the state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state.  For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in it's weakened condition the state succums to an invader - the barbarians enter Rome."

[zeitgeist]

Come on dude...

Bread and Circuses does work.

Look at ancient Rome.

LOL.

Time for me to roll it out again:


"The America of today is a laboratory example if what can happen to democracies, what has eventually happened to all perfect democracies throughout history.  A perfect democracy, a 'warm body' democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.  It depends solely on the wisdom and self-restaint of citizens... which is opposed by the folly and lack of  self-restraint of other citizens.  What is supposed to happen in a democracy is that each soveriegn citizen will always vote in public interest for the safety and welfare of all.  But what does happen is that he votes his own self-interest as he sees it... which for the majority translates as 'Bread and Circuses'.

Bread and Circuses is the cancer of democracy, the fatal disease for which there is no cure.  Democracy often works beautifully at first.  But once the state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state.  For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in it's weakened condition the state succums to an invader - the barbarians enter Rome."

Similar to this one:

"A democracy cannot exist as a permanent form of government. It can exist only until the voters discover they can vote themselves largess out of the public treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the public treasury, with the result that democracy always collapses over a loose fiscal policy, always to be followed by a dictatorship."

Hum......Now I am off to watch American Idol.

[rich_t]

Similar to this one:

Hum......Now I am off to watch American Idol.

Well at least you have a circus that you like.

[zeitgeist]

Well at least you have a circus that you like.

Worse than that, I finished watching Ben-Hur last night.

Now, should we return to the Founding Father's concept that only property owners be allowed the vote? 

[Javelin]

Come on dude...

Bread and Circuses does work.

Look at ancient Rome.

LOL.

Time for me to roll it out again:


"The America of today is a laboratory example if what can happen to democracies, what has eventually happened to all perfect democracies throughout history.  A perfect democracy, a 'warm body' democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.  It depends solely on the wisdom and self-restaint of citizens... which is opposed by the folly and lack of  self-restraint of other citizens.  What is supposed to happen in a democracy is that each soveriegn citizen will always vote in public interest for the safety and welfare of all.  But what does happen is that he votes his own self-interest as he sees it... which for the majority translates as 'Bread and Circuses'.

Bread and Circuses is the cancer of democracy, the fatal disease for which there is no cure.  Democracy often works beautifully at first.  But once the state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state.  For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in it's weakened condition the state succums to an invader - the barbarians enter Rome."

Well first, we are a Republic, not a Democracy and that is important to note.  Nevertheless if bread and circuses worked so well what is the Tea Party then?  Perhaps a secret worshiping sect of Alice in Wonderland?  lol.

When you can capture the attention of millions and have them motivated enough to stand up and speak, then get crushed by those in power you have moved well past bread and circuses. 

Yet I do understand what your saying to some degree yet I would rather call it misinformation or slight of hand distraction.  I have never in my life seen so many involved as I have in the past year. 

[rich_t]

Worse than that, I finished watching Ben-Hur last night.

Now, should we return to the Founding Father's concept that only property owners be allowed the vote?  

Yes indeed.

I'm all for it.

We've seen where allowing the entitlement crowd to vote has gotten us.

[rich_t]

Well first, we are a Republic, not a Democracy and that is important to note.  Nevertheless if bread and circuses worked so well what is the Tea Party then?  Perhaps a secret worshiping sect of Alice in Wonderland?  lol.

When you can capture the attention of millions and have them motivated enough to stand up and speak, then get crushed by those in power you have moved well past bread and circuses. 

Yet I do understand what your saying to some degree yet I would rather call it misinformation or slight of hand distraction.  I have never in my life seen so many involved as I have in the past year. 

We have been a republic in name only,for many decades and you ****ing know it.

So don't split hairs about it.

The America of today is indeed a "warm body democracy" in fact if not by official title.

I've seen you post as much in other words on other threads here.

[Hawkgirl]

Unfortunately, I have the sinking feeling that this country is going to fail much like the Nasdaq crashed in 1990, the way the housing market crashed 3 years ago....clearly on a much larger scale.

We cannot sustain this spending...we're due for the crash of a lifetime.

Someone tell me when it's time to stock up....being I lost in the stock market crash and the housing crash...I'm not a good predictor of these things.

[docstew]

Worse than that, I finished watching Ben-Hur last night.

Now, should we return to the Founding Father's concept that only property owners be allowed the vote? 

How about Heinlein's proposal that only veterans vote? 

[The Village Idiot]

The Great Fall is coming, Hawkgirl.

[Javelin]

We have been a republic in name only,for many decades and you ******* know it.

So don't split hairs about it.

The America of today is indeed a "warm body democracy" in fact if not by official title.

I've seen you post as much in other words on other threads here.

Lol indeed, but I refuse to bow to a democracy.  People act as if this is the first time this country has ever faced such a concept.  After the French and Indian war ended King George attempted to enforce law that had long been on the books but largely ignored by the colonies in America.  Despite the fact that people in the new world lived under relative freedom before 1750 they had about 150 years to have this freedom ingrained into their blood.  Under King George England stupidly went from the concept of their old "Bill of Rights" and free Englishmen (which built their Empire into the powerhouse it was) they slid back into the old world Mercantile system.  The old Mercantile system would be seen today as Marx socialism.  It is an odd parallel to todays times.

In essence freedom came under fire, and it is not the first time Americans have faced this fire.  Despite what may be law, the idea of the Republic has long been alive even before its concept as a nation was ever born.  It will not be snuffed out so easily.  History once again, repeats.

[zeitgeist]

The Great Fall is coming, Hawkgirl.

I was having an interesting discussion with an old friend the other day.  As we pontificated on matters such as this he remarked that he was invested in gold, silver, lead and brass.  I pointed out that Roosevelt banned the private ownership of gold in 1933 and that it could happen again.  This comment rather upset him.  Confiscation of gold and guns should be factored in as it certainly can happen.

It is always interesting to read about King George and the French and Indian War.  I like the part where the Colonists were forced to give the French back Fort Louisbourg. The Wiki link has some info on that one, I hope to get up an poke around there someday.  A direct descendent who fought there became one of the first "disabled veterans" before the Revolution.

[The Village Idiot]

I was having an interesting discussion with an old friend the other day.  As we pontificated on matters such as this he remarked that he was invested in gold, silver, lead and brass. 

I don't think gold and silver are whats going to be needed. I think owning some land that allows you to grow a lot of your own food and rural enough to be defensible from the zombies. Zombies would be those from the cities who manage to get out alive when the food runs out and will try to take what you have. (entitled zombies)

[zeitgeist]

I don't think gold and silver are whats going to be needed. I think owning some land that allows you to grow a lot of your own food and rural enough to be defensible from the zombies. Zombies would be those from the cities who manage to get out alive when the food runs out and will try to take what you have. (entitled zombies)

Quite possibly.  My mother grew up in the middle of the depression on a remote farm.  I remember her saying they were too poor to participate in the depression.  In later years we would returned to that same farm during periods of personal depression (unemployment and illness). As a young kid I never realized we were what folk would consider poor today.  We were well fed and enjoyed plenty of fresh air and exercise. BTW: Outhouses are a great convenience when the power goes off and the pump doesn't work; horses are great at pulling cars out of the mud.   Sadly the farm is long gone and they paved the road but before it was the city folk still managed to get by and steal corn.  Before watching Ben-Hur I watched Gone with the Wind.     I may have to check out Mad Max next.