Lou Binninger: The Pension Heist

14 Jul

Here’s a must-read:

http://territorialdispatch.biz/component/edocman/?task=document.viewdoc&id=337&Itemid=0

Cities  going broke paying down pension debt, CalPERS investments based on bribery, a scandal that led to the suicide of one CalPERS official. 

The city of Chico agrees to contracts with public employees stipulating all employees must pay union dues whether or not they want to be in the union. The city also agrees to collective bargaining. The unions are the biggest donors in every local election.  These problems could be solved with city ordinances. 

Think about it.

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4 Responses to “Lou Binninger: The Pension Heist”

  1. Jim July 14, 2017 at 10:18 am #

    You know the numbers better than I do, how much does the city pay in just pension costs?

    • Juanita Sumner July 14, 2017 at 11:57 am #

      Thanks for asking I just spent about an hour trying to look that up. The city budget lists salary and “benefits ” as one figure. Publicpay.gov is confusing – it says we have a total defecit of $180 million but no details. If you ask Constantine he sends you a spreadsheet – no straight answer. I’ll keep looking at the budgets.

  2. bob July 15, 2017 at 8:37 am #

    CalPers lowered their expected rate of return by a mere half percent and the required “contributions” by taxpayers for the next five years has doubled. But that’s assuming CalPers unrealistic 7% return expectation.

    What happens if the rate of return is negative? The stock market is long overdue for a bear market and in a typical bear market stocks drop by more than 20%. What happens if there is another stock market crash like 2008?

    Forget all that. Even a 3% return will break these pensions. These pensions are time bombs waiting to explode. These pensions can’t possibly be funded but you can bet the politicians will bleed the taxpayers white trying.

    https://mishtalk.com/2017/04/10/required-pension-contributions-of-california-cities-will-double-in-five-years-quadruple-is-more-likely/

    • Juanita Sumner July 16, 2017 at 5:09 am #

      I agree, CalPERS is about to tank, and their clients are scrambling to get us to come up with the deficit. Most people don’t know how much Tom Lando yanks in a year so they don’t realize he’s just looking out for his own interests in pushing these revenue measures.

      I hope Tom Lando is standing next to his pension when it explodes and he gets burning pension shit all over himself.

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