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Tag Archives: unions
$14.50/hour + Bennies Jobs Americans Won’t Do
WTHR-TV – City examining options for downtown GM plant: Indianapolis – Union workers overwhelmingly said “no” to keeping their jobs at the GM Stamping Plant downtown. Now, the city is hearing from others who may want to say “yes” to … Continue reading
PEW Study: States Have $1 Trillion Pension/Benefits Gap
Mish – PEW Study Shows Trillion Dollar State Pension Gap; Can Anything Be Done? A $1 trillion gap. That is what exists between the $3.35 trillion in pension, health care and other retirement benefits states have promised their current and … Continue reading
New Jersey’s $2.2 billion state of fiscal emergency
Chris Christie declares fiscal ‘state of emergency,’ paving way for N.J. spending cuts. Along with eliminating programs “that sounded good in theory but failed in practice” across state departments, Christie is cutting $475 million in aid to school districts, $62 … Continue reading
Cali. pension fund admits board member took $50 mil. in fees to make bad investments
Wall Street Journal – Calpers Rocked by ‘Pay to Play’: America’s largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of … Continue reading
Because Tim Hutchison needs a bigger pension
The former Knox County sheriff is gearing up to run for Knox County mayor. I’m not a Tim Hutchison (R) fan. I work in Knoxville, but I don’t live there and therefore don’t vote there, don’t pay taxes there, and … Continue reading
Kansas U: Kansas public pension fund is “bankrupt under current operating assumptions”
KU School of Business – THE FUNDING CRISIS IN THE KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM (PDF link):
CalPERS actuary says pension costs “unsustainable”
Mish – CalPERS Admits California “Pension Costs Unsustainable” – So What To Do About It? The CalPERS chief actuary says pension costs are “unsustainable,” and the giant public employee pension system plans to meet with stakeholders to discuss the issue. … Continue reading
CALPERS plans riskier bets to recoup losses on previous risky bets
New York Times – California Pension Fund Hopes Riskier Bets Will Restore Its Health: Mr. Dear wants to embrace some potentially high-risk investments in hopes of higher returns. He aims to pour billions more into beaten-down private equity and hedge … Continue reading
California pension funds lose $100 billion in a year
LA Times – California’s biggest government pension funds lose almost $100 billion: CalPERS’ preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers’ Retirement System lost $43.4 billion. On Tuesday, the country’s … Continue reading
Californians are getting the best government IOUs can buy
It was 29 days ago that the California comptroller predicted the state would be out of money in 50 days. Unless California’s rich uncle dies (and his estate goes through an exceptionally fast probate) California will be broke in three … Continue reading
More underfunded public pensions
Baltimore Sun – Baltimore pension dispute illuminates public/private divide: Severe market downturns lay bare any number of Ponzi schemes, and under-funded defined benefits pensions, public and private, can be justly described as such schemes. The problem with private plans is … Continue reading
Indiana state pensions sue to stop Obama’s Chrysler deal
Obama’s plan for Chrysler demoted senior debt holders (whom he maligned as “speculators”) to benefit UAW union members. As a consequence of that decision Obama’s plan shortchanged police and teachers unions who had Chrysler investments in their pension funds. Now … Continue reading
Posted in Economics
Tagged bailout, government motors, jesus chrysler, obama, pensions, unions
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Obama sides with the unions in California
Washington Post – Tincture of Lawlessness: In February, California’s Democratic-controlled Legislature, faced with a $42 billion budget deficit, trimmed $74 million (1.4 percent) from one of the state’s fastest-growing programs, which provides care for low-income and incapacitated elderly people and … Continue reading
Obama’s GM plan pits unionized retirees against non-unionized retirees
Bloomberg – GM Retirees Bully Bondholders With Obama’s Help: General Motors Corp.’s likely bankruptcy filing is being cast in some quarters as a fight between “money people” intent on making a killing and honest efforts by the government to save … Continue reading
Automaker collapse will send worker pensions to government hands
New York Times – Plight of Carmakers Could Upset All Pension Plans: Pension experts predict that a government takeover of the two giant plans would spur other auto companies and all types of manufacturers to abandon such benefits for competitive … Continue reading
Obama ends D.C. school vouchers: poor black children hardest hit
Reason – New at Reason: Shikha Dalmia on Obama’s Hypocrisy on D.C. School Vouchers: Against this grim reality, one would have thought an administration that ran on the theme of hope would do anything to nurture a program that offers … Continue reading
Judge rules that Vallejo, CA can cancel public union contracts
Via Mish: In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same … Continue reading
Posted in Economics, Politics
Tagged bankruptcy, municipal bankruptcy, pensions, unions
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Are govt. pension funds really guaranteed by law?
Liberty Unbound – Promise Now, Pay Later: Among the states, the question isn’t who’s most likely to succeed. It’s who is most likely to default.: In the precedent decision Spina v. Consolidated Police & Firemen’s Pension Fund, the New Jersey … Continue reading
The Pension Benefit Guaranty Corp.
Reason: The PBGC is the “government corporation that insures the pensions of 44 million workers and retirees.” You get one guess who is going to have to pay the piper on this one. The fund takes over private-sector defined-benefit plans … Continue reading
More on the public/private pension fund disparity
Forbes – Gilt-Edged Pensions: America, in case you hadn’t noticed, is dividing into two nations. The 22.5-million-strong public sector (that includes retirees) is growing ever larger, and enjoying ever greater wages and benefits often guaranteed by state constitutions. In private-sector … Continue reading
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