(Reuters) – California Governor Jerry Brown and lawmakers have reached a deal to raise public employees’ retirement ages, have them pay more into their pension accounts, and cap retirement payments in a vast overhaul of the state’s pension system that he says will save $30 billion….
FLASHBACK: California Democrat Attacks His Own Party For Big Government Spending: “It’s All Junk, Just Stop It!”
Quinn said he understood he was the target of criticism of public employee unions, but contended his efforts had the support of a vast majority of Illinois voters.
“We’re going to reform the pensions and I know some of the state workers don’t like that but they’re going to have to accept what the voters, I think, at large want,” he said.
Speaking to hundreds of Democrats gathered in Springfield for the [...]
The state of Illinois faces at least $83 billion in unfunded liability between its five pension systems, and is on track to spend more on its government pensions than on education by 2016, a new study released by Governor Pat Quinn’s office says.
The state budget office conducted the study based on a “district-by-district analysis” if the state does not enact comprehensive pension reform, the governor said in a statement. Governor [...]
As Wisconsin residents voted on Tuesday not to recall Gov. Scott Walker — who has become an enemy of labor unions nationwide — two California cities dealt blows of their own to organized labor.
In San Diego and San Jose, voters overwhelmingly approved ballot initiatives designed to help balance ailing municipal budgets by cutting retirement benefits for city workers.
Around 70 percent of San Jose voters favored the pension measure, while 66 [...]
Illinois lawmakers sent a bill to the state’s governor that would allow miniature horses to be used as service animals.
If passed, the small horses, which stand no higher than 32in, would have to be allowed in schools, stores, restaurants, and other public places – anywhere an assistance dog can go.
The controversial legislation was passed 117-1 before arguably more pressing issues in the state, such as pension reform.
Leading the pack: Tonto, [...]
Illinois state representative Mike Bost loses his cool on the House floor Tuesday afternoon after lawmakers call for a quick vote on a new pension reform proposal.
Bost, R-Murphysboro, angry over a Democrat-led, last-minute plan to overhaul state pensions, launched into a screaming tirade Tuesday.
Bost’s outburst, directed at Speaker of the House Michael Madigan, D-Chicago, was shown on state and national media outlets Wednesday morning.
Bost tore into Madigan for purportedly [...]
The crisis in Spain is rapidly coming to a head. This crisis has nothing to do with Greek “contagion” as is widely believed. Spain dug this hole by itself. Spain’s immediate unsolvable problems are a bankrupt banking system coupled with bankrupt regions that have no way to pay bills. Spain’s regional governments need to roll €35.7 billion and there is current deficit of €15 billion.
The president of Spain’s Catalonia Region [...]
California’s great public pension battles are heating up, and may be headed for some kind of political explosion.
The Legislature’s Democratic majority appears to be doing its best to ignore significant pension reform, even though Gov. Jerry Brown says the current system is “unsustainable” and an overhaul is needed to persuade voters to raise taxes this year.
Democrats are reluctant to do anything that public employee unions oppose – such as passing [...]
WOONSOCKET, R.I. — With a $10-million deficit in the school budget, painful cuts in programs, and every one of the city’s 500 teachers pink-slipped, national and local union leaders gathered Thursday in front of Woonsocket High School to demand more help from the state’s political leaders.
Randi Weingarten, president of the American Federation of Teachers, demanded Governor Chafee and the General Assembly provide more money for schools “if you think the [...]
New York City pension costs have risen more than fivefold to $8 billion since 2002 and changes to the system are needed to keep budgets in check, said a bipartisan coalition for pension reform.
The increase in pension costs has squeezed funding for other programs, New York Leaders for Pension Reform said today in an e-mailed statement. The coalition supports a plan by New York Governor Andrew Cuomo to lower pension costs in New York City [...]
Recent San Jose actuarial reports show $3.5 billion of city debt for underfunded pension and retiree health benefits — a shortfall that works out to about $11,000 for every household in the city.
Yet, as Mayor Chuck Reed proposes substantive pension reform, workers and a local television reporter are hyperventilating about irrelevant numbers that distract from the ballooning problem.
If not for major layoffs and salary cuts last year, the shortfall would [...]
Decline in Commodities Is ‘Artificial’: Jim Rogers
European Bond Risk Climbs to Record as U.S. Futures, Oil Fall
Poor German auction shows crisis hitting core
Germany Fails to Get Bids for 35% of 10-Year Bonds at Auction
Fitch: French rating at risk if crisis worsens
Bank of Greece: Nation may be driven out of euro
European bond yields rise on Dexia worries
EU seeks new powers on euro-zone budgets: report
Bank of England says market risks hit [...]
This article hit the daily digest a few weeks ago but was it not really discussed. I have been a fan of Michael Lewis (The Big Short, Blind Side, Money Ball,…) since reading Liar’s Poker in the mid 90′s. Although I was not working in the markets in the 80′s, Liar’s Poker still resonated with my experience working in the Financial Markets during the 90′s.
It has long [...]
More than half a million UK public sector workers are involved in industrial action to protest against government plans to change their pensions and freeze pay. Schools are closed and transport is being badly affected by the workers’ one-day strike.
Down tools, up with industrial action. An autumn of discontent begins in the UK, as the country braces for a wave of strikes, not seen for [...]
Public employee unions in San Diego are accused of using intimidation tactics to slow down signature drives to put a pension reform measure on the ballot next year.
The firefighters union has the most to lose if the voters approve pension reform because new hires will lose the lucrative benefits that current firefighters enjoy.
They, and others, have taken their cause to the streets. The unions are [...]
There are two sides of Socialism – the oligarchs’ and the peasants’, both blaming capitalism for their straits. Obama needs “rich” people to support his people’s needs and the insolvent oligarchs need the US Treasury for bail money; IOW, both sides need a middle class with deep pockets.
Socialism cannot pay the bills. So who’s going to pay? It’s not the people who didn’t pay their [...]
President Obama’s re-election campaign is trying to dig up dirt in the Garden State.
Despite New Jersey Gov. Chris Christie’s repeated pronouncements that he will not seek the GOP presidential nomination, Obama operatives are compiling a dossier of what they call “opposition research” — material that could be used to damage Christie if he changes his mind, The Post has learned.
The Obama campaign is trying to keep [...]
LOS ANGELES (CBS) — While Washington averted a government shutdown this week, California Governor Jerry Brown continues with his budget battles.
The governor may feel like he’s in a recurring nightmare these days. Everywhere he turns with a proposed budget fix it gets shot down.
“If we don’t get taxes, if we don’t get cuts, we’re gonna have a hard time balancing the budget,” Brown said. “Many of the Republicans told me, [...]
The extent of FRAUD is mind boggling and has involved ALL the major banks in ROBO-SIGNING, violating Processing and Servicing agreements(PSA), Uniform commercial codes (UCC). local/County laws in registering transfer of properties+title, State Security laws and the worst of all – violation Security Laws of state of NY upon which MBSs depend as agreed by the Industry. There so many GAPS between the ‘originator’ and the final holder of [...]
Police say about 85,000 people took to the streets of Paris to demonstrate
French unions have staged their biggest strikes and demonstrations so far in opposition to the government’s pension reform plans.
Unions put the national turnout on the third day of protests this month at 3.5m, while police said 1.2m people were involved.
The cabinet wants to raise the minimum retirement age from 60 to 62, and from 65 [...]
This is all anyone should be talking about!!!!! Gov’t pensions are sucking the country dry a TRILLION dollars a year and growing!!!!!
Many states and cities are on the verge of bankruptcy and it seems like no one thinks that is bad for economy?
Cali is going to have a 60-80 BILLION state/local budget deficit for just next fiscal year? 0% chance Cali avoids Depression. NY, NJ, Illinois are right behind Cali….how [...]
Los Angeles on the Brink of Bankruptcy
Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy. Yet Mayor Antonio Villaraigosa and the City Council have been either unable or unwilling to face this fact.
According to the city’s own forecasts, in the next four years annual pension and post-retirement health-care costs will increase by about $2.5 billion if no action is [...]