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Old 10-14-2009, 07:28 PM
 
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Quote:
Originally Posted by Ultrarunner View Post
Isn't Robert Bobb the same Mr. Bobb that was city manger of Oakland for so many years?
Don't know might be there are a few in California who are receiving large pensions from one job while still working for the government in another capacity or now elected position. I know there is some controversy about some of them for this reason.
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Old 10-14-2009, 08:54 PM
 
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The usaul case is that comapneisas we saw with the airlines often by law are alowed to under fund their retiremnnt accounts. They did this even during times when they were making huge profits and paid them out to investors. Under funding retirement over a long tme then having the fund go under is a huge problem how, I rememebr when Gulf oil was sold the pension fund was worth much more than the obligaitions and became a lawsuit because the excess was Chevrons as part of the sale.The unions wanted that money but it was determined that it was company money put in excess of the obligaitons under the union contracts.
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Old 10-16-2009, 07:30 AM
 
Location: Sacramento
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Could be an indication of some problems in continuing retiree benefits:

While the largest union – United Public Employees Local 1 – hasn't reached an agreement, its 1,850 social workers have tentatively agreed to give up the county's contribution to the retiree health savings account. The county continues to negotiate with that union.

Service Employees International Union Local 1021 has tentatively agreed to five furlough days through the end of this fiscal year and to give up the county's $25 a pay-period contribution into retiree health savings accounts.

Sacramento County has cost-cut accords with some unions - Sacramento News - Local and Breaking Sacramento News | Sacramento Bee (http://www.sacbee.com/topstories/story/2257423.html - broken link)
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Old 10-16-2009, 08:50 AM
 
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That of course is beyond what most get i that its a savings accouht beyond insurance itself.That is likie any contrct ;ti can change with the situation of empywrs too. Othersie they might lose everyhting in layoffs.Unions have to look at the industy so they end up like Autoworkers and in fact going down with the ship;so to speak.
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Old 11-29-2009, 11:59 AM
 
Location: Sacramento
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The biggest chunks of (California's) debt, however, are the unfunded obligations for pensions and health care of retired public employees.

The latest annual pension report from the state controller covers 2006, when the unfunded liability was $64 billion. But since then, state and local pension funds have lost at least $150 billion on investments, so a reasonable estimate of today's unfunded liability is $200-plus billion. A state commission, meanwhile, says the state-local liability for retiree health care is about $100 billion.



Dan Walters: California debt may be half a trillion dollars - Sacramento Politics - California Politics | Sacramento Bee (http://www.sacbee.com/walters/story/2355706.html?storylink=lingospot_top2 - broken link)
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Old 11-29-2009, 01:07 PM
 
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Quote:
Originally Posted by NewToCA View Post
The biggest chunks of (California's) debt, however, are the unfunded obligations for pensions and health care of retired public employees.

The latest annual pension report from the state controller covers 2006, when the unfunded liability was $64 billion. But since then, state and local pension funds have lost at least $150 billion on investments, so a reasonable estimate of today's unfunded liability is $200-plus billion. A state commission, meanwhile, says the state-local liability for retiree health care is about $100 billion.



Dan Walters: California debt may be half a trillion dollars - Sacramento Politics - California Politics | Sacramento Bee (http://www.sacbee.com/walters/story/2355706.html?storylink=lingospot_top2 - broken link)
Yeah add New Jersey, Forida, Arizona and New York to the not far behind list. It is workable but states can't denying the inevitable. Not sure if you have been following the lame duck budget moves by Corzine in NJ but Christie is in a bucket of poop with some difficult choices to make and crow to eat.
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Old 11-29-2009, 05:32 PM
 
Location: Sacramento
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Quote:
Originally Posted by TuborgP View Post
Yeah add New Jersey, Forida, Arizona and New York to the not far behind list. It is workable but states can't denying the inevitable. Not sure if you have been following the lame duck budget moves by Corzine in NJ but Christie is in a bucket of poop with some difficult choices to make and crow to eat.
No, I havent. Do you have a link to a good summary of the Corzine story?
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Old 11-29-2009, 06:03 PM
 
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Originally Posted by NewToCA View Post
No, I havent. Do you have a link to a good summary of the Corzine story?
Gov. Corzine still looking for ways to cut N.J. budget gap | New Jersey Real-Time News - - NJ.com
Corzine Seeks Cuts to Schools, Cities Amid Deficit (Update1) - Bloomberg.com

Christie campaigning bad mouthed the stimulus be he will be dependent on that to help balance his budget. Also his talk about tax cuts are going to be pretty hard to implement at the same time he has a mega deficit and is making tough budget cuts.
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Old 11-30-2009, 01:45 PM
 
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But I have no doubt that i future years we are going tp see deep budget cuts at botht eh stae and federal level. lookig at the outlays to pay for the cureent spending with interest plus the bond ratings cost of project in mnay areas of teh country ;it is just a matter of time.
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Old 11-30-2009, 04:43 PM
 
29,789 posts, read 34,889,516 times
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Originally Posted by texdav View Post
But I have no doubt that i future years we are going tp see deep budget cuts at botht eh stae and federal level. lookig at the outlays to pay for the cureent spending with interest plus the bond ratings cost of project in mnay areas of teh country ;it is just a matter of time.
It is inevitable.
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