CalPERS Shortfall Will Cost HB 23M

[Catwhoshatinthehat]

http://www.latimes.com/socal/daily-pilot/news/tn-dpt-me-hb-pensions-20170502-story.html

Assume a return of x, don't meet it and let the cities foot the bill.  What a racket.

[Lhalo]

"Kerry Worgan, a senior CalPERS actuary"

[Catwhoshatinthehat]

I'm really looking forward to when taxpayers have enough and we end up with a taxpayer vs. pensioners brawl.  Something like this but I expect the pensioners to be a lot more tan and plump from desert trips and Costco runs:

 

[gotbeer]

1 minute ago, Catwhoshatinthehat said:

I'm really looking forward to when taxpayers have enough and we end up with a taxpayer vs. pensioners brawl.  Something like this but I expect the pensioners to be a lot more tan and plump from desert trips and Costco runs:

 

You would think.  But Calilolnia has made it that if a city declares bankruptcy, pensions is one thing they can't touch. 

[Jason]

9 minutes ago, Catwhoshatinthehat said:

I'm really looking forward to when taxpayers have enough and we end up with a taxpayer vs. pensioners brawl.  Something like this but I expect the pensioners to be a lot more tan and plump from desert trips and Costco runs:

 

I think California taxpayers and voters are actually pleased with the direction the state is going. 

[Catwhoshatinthehat]

I realize that but at a point taxpayers are going to get fed up and it's going to reach a tipping point.  When you keep taking money away from cities that could go towards roads, schools, etc. to pay for agreements the statement signed off on sooner or later you're going to run out of funds and it's going to be at the expense of the city.  When cities don't have those funds then the city and taxpayers will suffer and we could see cities that have traditionally been nicer start to decline.  I joke about an all out brawl but this is just one more thing in the long line of reasons for me to think about getting out of the state.

[Lhalo]

Fun times.

[Jason]

15 minutes ago, Catwhoshatinthehat said:

I realize that but at a point taxpayers are going to get fed up and it's going to reach a tipping point.  When you keep taking money away from cities that could go towards roads, schools, etc. to pay for agreements the statement signed off on sooner or later you're going to run out of funds and it's going to be at the expense of the city.  When cities don't have those funds then the city and taxpayers will suffer and we could see cities that have traditionally been nicer start to decline.  I joke about an all out brawl but this is just one more thing in the long line of reasons for me to think about getting out of the state.

But when is the tipping point? How bad does it have to get? Watch the next crazy ballot measures and propositions that get passed. Then the worthless senators and representatives that write these things will just re-elected. I honestly think they (voters) have no issues with what is happening.

[Catwhoshatinthehat]

16 minutes ago, Jason said:

But when is the tipping point? How bad does it have to get? Watch the next crazy ballot measures and propositions that get passed. Then the worthless senators and representatives that write these things will just re-elected. I honestly think they (voters) have no issues with what is happening.

Idiot voters approving tax hikes on the higher earners along with approving ridiculous bond measures doesn't mean the state can actually afford all the crap that gets approved.  All they're doing is kicking the can down the road and burdening future tax payers while pissing off current taxpayers some of whom are leaving the state.  People have no issue with it because the economy has picked up but during the next recession when the state/cities are facing a deficit and you couple that with obscene pension obligations (heard more about it circa 2008 than we do now) we're going to see taxpayers and cities suffer.  No amount of voting on tax hikes, bond sales or bond measures are going to fix the financial problems the state is facing long term.  Most everything they do is reactionary and nothing is setting the state up for long term success. 

I can't say when other people will reach a tipping point but at some point reality will set in that the state and cities are in a world of sh*t as far as their financial obligations go.  As someone who is looking to sell my town house and buy a single family home in HB articles like this make me think twice because the city has changed a lot in the last 5-10 years and not for the better while this will only make it worse.  It seems like high density housing is being proposed any time there's open space which continues to change the dynamic of what was once a laid back beach city.  To me those days have been gone for a while but you see more and more elements and situations popping up that are keeping citizens from going to places they used to frequent.  It's not just in HB either as crime is up all across OC which doesn't bode well when cities are facing funding issues and have issues paying current workers.

[Lhalo]

I'm in the first stages of planning my exit from CA. I'm not going to stick around and be on the hook for this dogshit.

[Jason]

16 minutes ago, Lawrence said:

I'm in the first stages of planning my exit from CA. I'm not going to stick around and be on the hook for this dogshit.

Easier said than done for me. Come retirement, I'm out

[Spirit]

Don't come to Colorado.  We're full. 

 

I hear Wisconsin is nice.

 

 

[Catwhoshatinthehat]

Just now, Geoff said:

Don't come to Colorado.  We're full. 

 

I hear Wisconsin is nice.

 

 

Pretty sure Colorado has already been ruined by the transplants or is well on it's way.  Oregon is already toast thanks to Californication and I wouldn't end up there even if it wasn't so my options are getting fewer by the day.  

[Lhalo]

17 minutes ago, Catwhoshatinthehat said:

Pretty sure Colorado has already been ruined by the transplants or is well on it's way.  Oregon is already toast thanks to Californication and I wouldn't end up there even if it wasn't so my options are getting fewer by the day.  

Portland is toast but I hear parts of the Willamette Valley are awesome. I drove through it a few months back and it was beautiful. Reno could also be an option with Tahoe right next door. There's a different crowd coming into town with Musk's new gigafactory. 

[Taylor]

21 minutes ago, Catwhoshatinthehat said:

Pretty sure Colorado has already been ruined by the transplants or is well on it's way.  Oregon is already toast thanks to Californication and I wouldn't end up there even if it wasn't so my options are getting fewer by the day.  

Come on. We don't even have In-N-Out. How could we already be ruined? 

[Catwhoshatinthehat]

For me Oregon is toast because I have family living there that I haven't talked to in almost 18 years so I'll let them have that state.  It's a beautiful state but the irony is they moved there 20+ years ago to get away from CA and all the liberal policies. The city they're in is one that was crippled during the mortgage collapse and now has a lot of the problems CA has in large part due to transplants and liberal policies.  My likely landing spots would be somewhere in Nevada or Arizona.

[Spirit]

7 hours ago, Taylor said:

Come on. We don't even have In-N-Out. How could we already be ruined? 

 

I'll tell you how ...

 

[mtangelsfan]

I hate you Geoff

[Brandon]

fucking disgusting.

 

on a side note, lets all move to havasu and have beers with these retiree's. 

[Tank]

Can't recall anyone discussing this, so I'll ask - is it possible to do away with calpers/all the state-run pensions funds? Would it require an act of the voters or the state assembly? Or are we locked in to this forever?

[yk9001]

And these are the GOOD stock market years.  Wait until the market has a couple of crappy years.

[yk9001]

CalPers will make money the old fashioned way: a taxpayer walletectomy.

[Spirit]

Good God in heaven ... I'm so glad I got out of there!

 

 

[Brandon]

sup craig. literally the exact topic title on the bigger forum here.

[Tank]

23 hours ago, Tank said:

Can't recall anyone discussing this, so I'll ask - is it possible to do away with calpers/all the state-run pensions funds? Would it require an act of the voters or the state assembly? Or are we locked in to this forever?

so anyone know?