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Great news if you want government to collapse!
"Last week I calculated that CalPERS would increase its pension charges to cities, counties, and the state of California over 30% to regain massive investment losses over the last decade. My initial estimate was drawn from a presentation by Kung-pei Hwang, CalPERS Senior Actuary, which I recorded mid November. My report also detailed the gimmickry that CalPERS used to hide the 50% shortfall in their planned assets. However, it looks like my estimate was way low because we now have new video of the CalPERS board stating in their own words that the costs to cities, counties and the state will increase a GINORMOUS 55% by 2013 and the increased rate will need to be in place for at least the next 19 years."
You better become a personal believer in the Second Amendment, if you want protection. The good news is that with Prop. 26 on the books, local government will no longer be able to raise taxes or fees without a 2/3 vote of the public. Looks to me like government will be forced to cut back--maybe stop collecting bribes for the unions would be a good start for the savings?
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"Last week I calculated that CalPERS would increase its pension charges to cities, counties, and the state of California over 30% to regain massive investment losses over the last decade. My initial estimate was drawn from a presentation by Kung-pei Hwang, CalPERS Senior Actuary, which I recorded mid November. My report also detailed the gimmickry that CalPERS used to hide the 50% shortfall in their planned assets. However, it looks like my estimate was way low because we now have new video of the CalPERS board stating in their own words that the costs to cities, counties and the state will increase a GINORMOUS 55% by 2013 and the increased rate will need to be in place for at least the next 19 years."
You better become a personal believer in the Second Amendment, if you want protection. The good news is that with Prop. 26 on the books, local government will no longer be able to raise taxes or fees without a 2/3 vote of the public. Looks to me like government will be forced to cut back--maybe stop collecting bribes for the unions would be a good start for the savings?
More...