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Keyword: pensions

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  • Itís Time to Rethink Americaís Failing Highways

    06/18/2018 8:13:18 AM PDT · by Tolerance Sucks Rocks · 80 replies
    National Review ^ | June 12, 2018 | Robert Poole
    Here are two recent events you might have missed: In March, House speaker Paul Ryan was widely quoted as saying, ďThe last thing we want to do is pass historic tax relief and then undo that, so we are not going to raise gas taxes.ĒThe next month, in California, Republicans submitted 54 percent more than the required signatures to put on the November ballot a measure that would repeal the 2017 state law increasing gasoline and diesel taxes. Meanwhile, roads in Los Angeles are in such bad shape that it costs the average driver $892 a year in additional vehicle...
  • Broward Teachers Union pressuring state officials to end gun manufacturer contributions (Florida)

    06/15/2018 3:10:08 PM PDT · by 2ndDivisionVet · 13 replies
    WSVN-TV ^ | June 15, 2018 | Joel Franco
    TAMARAC. FLA. (WSVN) - - The Broward Teachers Union, state representatives and Marjory Stoneman Douglas High School parents and students held a joint press conference, Thursday afternoon. The union called for Florida Gov. Rick Scott to force the state pension board to stop investing teacher retirement fund contributions in three firearm manufacturing companies. ďYou have turned our teachers retirement fund into blood money,Ē said Meiling Hoshing, Marjory Stoneman Douglas student. ďNo teacher wants your unhealthy decisions on their soul.Ē One of the firearm companies receiving a bulk of the funds manufactures the AR-15 rifle, the weapon used in the Marjory...
  • Connecticut labeled ďuntruthfulĒ for hiding $10 billion in retiree healthcare costs

    05/20/2018 10:03:30 PM PDT · by george76 · 14 replies
    Yankee Institute for Public Policy. ^ | May 18, 2018 | Marc E. Fitch
    Connecticutís official balance sheets will be noticeably worse next year due to changes in how the state reports its retiree healthcare liabilities... Truth in Accounting issued Connecticut a failing grade based on its 2017 Comprehensive Annual Financial Report and said the state is ďhidingĒ $10.4 billion in retiree healthcare debt. ďConnecticutís financial condition is not only concerning, but also misleading as government officials failed to disclose significant amounts of retirement debt on the stateís balance sheet,Ē the report says. ďAs a result, residents and taxpayers have been presented with an inaccurate and untruthful accounting of the state governmentís finances.Ē According...
  • Jack up property taxes for pensions, say three Chicago Fed economists

    05/15/2018 2:03:25 PM PDT · by InvisibleChurch · 128 replies
    Chicago business ^ | May 14, 2018
    Illinois homeowners, who already pay some of the nation's highest property taxes, should pay about 40 percent more for the next three decades to wipe out the state's crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago. The economists argue that paying off the state's $129.1 billion in unfunded pension obligations cannot be done with revenue from new taxes such as a tax on marijuana sales or on financial transactions. Would you pay 40 percent more in property taxes if it would wipe out the state's crippling pension debt? Yes No See results...
  • Worst Idea in Illinois: Statewide Property Tax (to pay for unfunded pensions)

    05/14/2018 11:28:59 AM PDT · by doug from upland · 51 replies ^ | 5-2018 | Mike Glennon
    An audible gasp went out in the breakout room I was in at last monthís pension eventcosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasnít reality shock enough. This week the Chicago Fed published that proposal formally. Itís linked linked here. It surely ranks among the most blatantly inhumane and foolish ideas weíve seen...
  • Chicago Fed Thinks It Knows How To Tax Illinoisans Fleeing Pension Liabilities

    05/13/2018 7:13:14 AM PDT · by blam · 57 replies
    Wire Points ^ | 5-13-2018 | Mark Glennon
    An audible gasp went out in the breakout room I was in at last monthís pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasnít reality-shock enough. This week the Chicago Fed published that proposal formally. Itís linked here. It surely ranks among the most blatantly inhumane and foolish ideas weíve seen yet....
  • The Pension Crisis Is Worse Than You Think

    04/26/2018 10:28:28 AM PDT · by SeekAndFind · 23 replies
    Real Investment Advise ^ | 04/26/2018 | Lance Roberts
    Last year I penned an article discussing the ‚ÄúUnavoidable Pension Crisis.‚ÄĚ ‚ÄúCurrently, many pension funds, like the one in Houston, are scrambling to slightly lower return rates, issue debt, raise taxes or increase contribution limits to fill some of the gaping holes of underfunded liabilities in their plans. The hope is such measures combined with an ongoing bull market, and increased participant contributions, will heal the plans in the future.This is not likely to be the case.This problem is not something born of the last ‚Äėfinancial crisis,‚Äô but rather the culmination of 20-plus years of financial mismanagement.An April 2016 Moody¬ís...
  • Editorial: Chicago's pension precipice: It's worse than you thought.

    04/04/2018 2:34:57 PM PDT · by Beave Meister · 62 replies
    Chicago Tribune ^ | 4/3/2018 | Editorial Board
    Chicago taxpayers, prepare for another kick in the teeth. In fact, it might be a good time to grow fond of the toothless grin. Another recent court decision will put taxpayers on the hook for additional city pension debts. Yes, even more than before. A circuit court judge in March struck down a 2014 state law that eased pressure on the pension fund of Chicago Park District retirees. The law had increased Park District employeesí own contributions to the fund, increased their retirement-eligible age, reduced their annual cost-of-living increases and reduced duty disability benefits. But those changes will be rolled...
  • School districts across the state close as teachers call-in after pension bill passes

    03/31/2018 10:12:29 AM PDT · by Republican Wildcat · 30 replies
    Spectrum News ^ | 3/31/2018 | Nick Storm
    One-by-one school districts across central Kentucky announced their closure the day before spring break, as Republicans in the House and Senate rammed through a mystery pension reform bill. The 291 page bill was not made public, and was inserted into a waste-sewage piece of legislation on Thursday, and then sent though the lower and upper chambers with Republicans carrying the bill. Fayette County schools was among the first to announce a closure on Thursday night, as more than a thousand teachers called in sick from work and there were not enough substitutes to cover the absences. ďAll Fayette County Public...
  • Attorney General Beshear vows to sue over pension reform bill

    03/31/2018 10:08:36 AM PDT · by Republican Wildcat · 16 replies
    Spectrum News ^ | 3/30/2018 | Michon Lindstrom
    FRANKFORT- Attorney General Andy Beshear, D-Kentucky, says he will sue if Governor Bevin signs the newly passed pension reform bill. Republican members of the General Assembly passed a surprise pension bill Thursday. Senate Bill 151 , originally a bill dealing with wastewater, served as the vehicle for a revised version of Senate Bill 1. Beshear took to Twitter to announce his intentions to sue over the rushed bill. Beshear took issue with the manner in which the majority party rushed the bill through committee. ďThey didnít allow any public comment or testimony, they refused to hear from you. They plopped...
  • General Assembly surprise: House and Senate pass pension reform bill

    03/31/2018 9:57:51 AM PDT · by Republican Wildcat · 5 replies
    Spectrum News ^ | 3/29/2018 | Don Weber
    FRANKFORT Ė The Kentucky House of Representatives and Senate passed a revised pension reform bill on Thursday night. Senate Bill 151, which served as the vehicle for a revised Senate Bill 1, passed by a 49 to 46 vote after over two hours of debate on the House floor. Eleven Republicans voted no while three Republicans didnít vote. Later in the evening, the Senate passed the legislation on a 22-15 vote with 5 Republicans, Sen. Tom Buford, R-Nicholasville, Sen. C.B. Embrey, R-Morgantown, Sen. Alice Forgy Kerr, R-Lexington, Sen. Julie Raque Adams, R-Louisville, and Sen. Brandon Smith, R-Hazard, joining ten Democrats...
  • Why Are States So Strapped for Cash? There Are Two Big Reasons

    03/29/2018 12:37:10 AM PDT · by qaz123 · 25 replies
    WSJ | 28Mar18 | Cezary Podkul & Heather Gillers
    The only speaker standing between state budget officers and the opening cocktail hour at a Washington conference was the U.S. Secretary of Health and Human Services. What he said left no one in a celebratory mood. Medicaid costs, said then-Secretary Michael Leavitt, were projected to grow so fast that within 10 years they would ďcrowd out virtually every other category of spending.Ē State spending on higher education, infrastructure and safety, he predicted, would all get squeezed.
  • Another time bomb for Chicago taxpayers

    03/28/2018 6:41:01 AM PDT · by simpson96 · 11 replies
    Chicago Tribune ^ | 3/27/2018 | Chicago Tribune Editorial Board
    Maybe you think the worst is over for Chicago Public Schools: Springfield sprang for millions in budget and pension relief last year. Time to lean back and sip an icy beverage. Sorry to interrupt this reverie, but there are 1 billion reasons that youíre wrong. That is, the Chicago Teachersí Pension Fund is short another $1 billion, according to the fundís consultants.(snip) Why is this happening? Because of new estimates that reduce expected investment returns over the next decades by a half-percentage point, from 7.75 percent annually to 7.25 percent. Even a relatively small tweak creates a big hole. Hence,...
  • Colorado has the Sixth Lowest State and Local Tax Burden in the Nation for FY 2016

    03/25/2018 5:38:40 AM PDT · by cutty · 20 replies
    Key Policy Data ^ | Mar 22, 2018
    In Fiscal Year (FY) 2016, Colorado collected $25.4 billion in state and local taxesóor $4,590 for every man, woman, and child. While this is an impressive sum of money, it tells us little about whether or not the average Colorado taxpayer can afford this level of taxation. ... Coloradoís state and local tax burden (tax collections divided by private sector personal income) was the sixth lowest in the nation for FY 2016 at 11.8 percentóor -17 percent below the national average of 14.3 percent. ... Coloradoís tax burden has increased over time by only 3 percent to 11.8 percent in...
  • Financial State of the Cities 2016

    03/17/2018 9:16:16 AM PDT · by george76 · 3 replies
    Truth in Accounting ^ | January 24, 2018
    Truth in Accounting .. based on fiscal year 2016 comprehensive annual financial reports .. found that 64 cities do not have enough money to pay all of their bills, and in total, the cities have racked up $335.4 billion in unfunded municipal debt. ... Government reports are lengthy, cumbersome, and sometimes misleading documents ... taxpayers and citizens deserve easy-to-understand, truthful, and transparent financial information from their governments. ... to balance the budget, elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers. ... TIA was unable to rank...
  • The Great American Pension Crisis is right around the corner

    03/05/2018 7:53:26 AM PST · by SeekAndFind · 19 replies
    Credit Writedowns ^ | 03/05/2018 | Edward Harrison
    About a week ago I wrote that the potential for a state and municipal fiscal and public sector pension crisis is a defining issue for the next downturn here in the US. Global strategy and research company 13D joins me in worrying about it.Underfunded pensions mean crisis Here’s what they write: Fully-funded pensions are by their very design a mathematical impossibility —a topic we have discussed at length in these pages. In an effort to outrun their inevitable day of reckoning, these funds have assumed more risk, magnifying the likelihood of a massive unraveling. Most state pension funds now invest...
  • America's States Of (Fiscal) Siege: The Threat of Underfunded Municipal Pensions Looms

    02/07/2018 8:23:14 AM PST · by SeekAndFind · 38 replies
    IBD ^ | 02/07/2018 | Steven Malanga
    America's states and municipalities should be awash in good budget news. Unemployment remains below 5%, inflation is tame, and the stock market rose more than 20% in 2017 ó the ninth year of a bull market. Yet many local governments faced intense struggles last year to balance their books. Localities have confronted unrelenting fiscal pressure since 2008, a result of the weakest recovery since World War II of tax revenues combined with ever-escalating costs. Many states and localities have had to rewrite budget books in ways that leave taxpayers paying more ó and receiving less. "U.S. states have entered a...
  • Lawmakers consider borrowing $107B to pour into Illinois pensions

    02/02/2018 7:08:32 AM PST · by glorgau · 29 replies
    Illinois Policy ^ | Jan 31, 2018 | Joe Tabor
    Illinois state lawmakers on Jan. 30 heard a proposal to borrow more than $107 billion to fund pensions. If implemented, it would be the biggest debt sale in municipal bond market history. Lawmakers discussed the proposal in the House Personnel & Pensions Committee. The State Universities Annuitants Association, or SUAA, claims the plan will save the state $103 billion in the next 25 years. But baked into that estimate are assumptions regarding borrowing and investment returns that are by no means guaranteed. Illinoisí pension debt is as high as $250 billion, according to Moodyís Investment Service. The SUAA plan is...
  • Your Pension Isn't Safe From NY Governor Andrew Cuomo

    01/10/2018 7:07:42 AM PST · by Kaslin · 21 replies ^ | January 10, 2018 | Nicholas Waddy
    Perceptive conservatives will have noticed by now that the self-righteousness of the left increasingly knows no bounds. To put it another way, there are very few people, companies, institutions, bureaucracies, or governments left that liberals have not excoriated, picketed, boycotted, or sued, all in an effort to extirpate from this planet whomever and whatever has the audacity to contradict them. Amusingly, this tendency towards perfectionism/sanctimony often pits leftists against one another. In the end, though, the damage that this epidemic of intolerance does to the fabric of American society is serious and lasting. Recently, New York Governor Andrew Cuomo unveiled...
  • Pension plans can't be the next big taxpayer bailout in America

    01/03/2018 11:39:33 AM PST · by Diana in Wisconsin · 16 replies
    The Hill - Opinion Page ^ | 1-3-18 | Tom Schatz
    Ten years ago, subprime mortgages went from a little-known form of lending to a precipitating cause of the international banking crisis that led to the Great Recession of 2008 to 2009. Like these mortgages, another relatively obscure financial problem could end up being the next big taxpayer bailout. Unless the funding crisis for multiemployer pension plans is addressed, the ďsolutionĒ will look more like the savings and loan crisis of the 1980s, under which the taxpayers lost $123.8 billion. In his testimony last November in the House, Pension Benefit Guaranty Corporation (PBGC) Director Thomas Reeder wrote, ďLegislation is needed to...