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

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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

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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

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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

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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

Posted in Best Of, East Tennessee | Tagged , | 2 Comments

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):

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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

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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

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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

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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

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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

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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

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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

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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

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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

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