Keyword: pensions

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  • Big Labor's Other Disaster: California

    06/07/2012 7:11:49 AM PDT · by SeekAndFind · 3 replies
    American Thinker ^ | 06/07/2012 | Thomas Lifson
    Voters in San Diego and San Jose, the 8th and tenth biggest municipalities in the United States, decisively voted to redistribute income from the rich (public employees) to the middle class taxpayers who earn far less on average. Both cities have strong Democratic registration majorities, indicating that the general public has fully absorbed the lesson that government jobs are wildly overpaid, and that it is necessary to choose between using money to serve the taxpayers, or using it to benefit the bureaucrats. Craig Gustafson of the San Diego Union-Tribune describes the measure approved in San Diego with 69 percent of...
  • Greedy Unions Raid Pensions, Then Blame Wall Street

    03/07/2012 5:37:02 PM PST · by Kaslin · 9 replies
    IBD Editorials ^ | March 7, 2012
    Politics: Reports from a variety of media reveal California state employees are spiking their pensions to stratospheric levels, leaving nothing for their brother employees. Sorry, can't blame Wall Street for this one. In a laudable instance of the mainstream media doing its job, the Los Angeles Times, the Sacramento Bee, Bloomberg News and City Journal have all exposed "pension spiking" by California public employees. Basically, they manipulate rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years. The Los Angeles Times on Saturday pieced together tough-to-get data from Kern and Ventura...
  • San Diego And San Jose Approve Pension Cuts In A Landslide Vote

    06/06/2012 7:37:23 AM PDT · by SeekAndFind · 94 replies
    Business Insider ^ | 06/06/2012 | AP
    SAN DIEGO (AP) — Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities that are struggling with mounting pension obligations. Supporters had a simple message to voters in San Diego and San Jose: Pensions for city workers are unaffordable and more generous than many private companies offer, forcing libraries to slash hours and potholes to go unfilled. "The public is frustrated," said San Diego Councilman Carl DeMaio, a Republican who staked his mayoral bid on...
  • Public Pension Reform Wins in... Wisconsin, San Diego and San Jose

    06/06/2012 2:16:14 AM PDT · by cakid1 · 11 replies
    cbs47 ^ | 6-6-12 | cakid1
    Some would argue this is a trend. In Wisconsin, Governor Scott Walker survived a recall election after he moved to cut the costs of public employee pensions. Here in California voters in San Diego and San Jose followed suit. Tonight.. Voters in San Jose approved Measure B. The passage of Measure B mean future employees will have to pay ....
  • Walker's moderate reforms

    05/31/2012 6:53:12 AM PDT · by Sopater · 5 replies
    Milwaukee Journal Sentinel ^ | May 30, 2012 | Jason Richwine
    In the contentious national debate over public pension costs, Wisconsin is "ground zero." Yet few taxpayers know how much they are paying for the state's public pension system. Here's an important piece of information: Using proper financial accounting methods, the pension plan for most state workers actually costs more than two-and-a-half times what the government's actuaries claim. Seen in this light, the recent pension reforms signed by Gov. Scott Walker are far from radical. And much more remains to be done. To understand the real cost of defined benefit pensions, it's helpful to review the basics of how they work....
  • Illinois politician (Mike Bost-R) Explodes on State House Floor

    05/30/2012 12:03:23 PM PDT · by tcrlaf · 11 replies
    Politico ^ | 5-30-12 | WILLIAM BERGSTROM
    A state representative blew his top Tuesday on the floor of the Illinois State House of Representatives, flinging a copy of a new pension reform proposal into the air and telling his stoic colleagues that they “should be ashamed” of themselves. “I’m sick of it!” state Rep. Mike Bost yelled, saying the bill was too long for lawmakers to read before voting on it. “These damn bills that come out here all the damn time, come out here at the last second. I’ve got to try to figure out how to vote for my people. … You should be ashamed...
  • Judge upholds suspension of pension increases for N.J. public employees

    05/30/2012 1:33:42 AM PDT · by SMGFan · 20 replies
    Star Ledger ^ | May 29, 2012 | By MaryAnn Spoto
    TRENTON — In a victory for Gov. Chris Christie’s pension revisions, a Superior Court judge has ruled that about 800,000 retired public employees are not entitled to increases based on the cost of living. The ruling by Superior Court Judge Douglas Hurd in Mercer County affects all current and future retirees in pension systems funded by the state, including state workers and judges as well as local police, firefighters and teachers. The pension law the governor signed last June says current and future retirees will not get any cost of living adjustments — better known as COLAS — until the...
  • San Jose pension fight could have nationwide implications

    05/29/2012 3:51:40 PM PDT · by Oldeconomybuyer · 31 replies
    San Jose Mercury News ^ | May 29, 2012 | By John Woolfolk
    The eyes of the nation are on San Jose as a landmark June 5 measure to trim soaring pension costs puts residents of the 10th largest U.S. city at the center of a $1 million-plus battle for their votes. Should San Jose's Measure B pass, as Mayor Chuck Reed and the business and taxpayer groups behind it expect, it would be a key test of a city's authority to reduce future pension costs that exceed expectations and revenues, despite earlier promises to employees. Government employee unions maintain that the measure is illegal, unfair and unnecessary. "It will have nationwide implications...
  • Prison escapee Armin Christian caught in R.I. after 32 years

    05/27/2012 12:00:14 PM PDT · by kiryandil · 51 replies
    CBS News ^ | May 25, 2012 | Crimesider Staff
    Rhode Island police have arrested a man they say escaped from a South Carolina prison on Christmas Day over 30 years ago... ...Christian had been living in Bristol. He was arrested and charged with escaping a correctional facility. A South Carolina prisons spokesman says Christian walked away from the now defunct Piedmont Work Center near Greenville on Christmas Day in 1980. He was sentenced to 11 months in prison in November 1980 for domestic non-payment of child support...
  • Gov. Christie's pension issue: N.J. probe looks at running mate, double-dipping

    05/14/2012 7:13:00 AM PDT · by ZULU · 18 replies
    MSNBC ^ | May 14, 2012 | Mark Lagerkvist
    New Jersey Gov. Chris Christie — a rising star in the national Republican Party — called an overhaul of the state pension system his "biggest governmental victory." He now faces embarrassment from flaws his reforms failed to fix.
  • Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft (Illinois)

    05/02/2012 5:07:10 AM PDT · by KeyLargo · 62 replies
    Champion News ^ | Apr 27, 2012 | Bill Zettler
    Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft April 27, 2012 By Bill Zettler Michael Corn, a retired college teacher, recently wrote a letter-to-the-editor at the Daily Herald equating the unfunded Illinois pension system with theft. And I agree it is theft but I would argue the thief is the public employee not the legislature or taxpayer as Mr. Horn claims. Mr. Corn laments that he paid 8% for his pension and for that unholy contribution he feels he has earned his $12,707.59 monthly pension or $152,490.84 per year. Mr. Corn paid his 8% for all of...
  • The Downfall of IBM

    04/29/2012 8:00:09 AM PDT · by Daffynition · 107 replies ^ | April 27, 2012 | Robert X. Cringely
    Reducing employees by more than three quarters in three years is a bold and difficult task. What will it leave behind? Who, under this plan, will still be a US IBM employee in 2015? Top management will remain, the sales organization will endure, as will employees working on US government contracts that require workers to be US citizens. Everyone else will be gone. Everyone.
  • Pension Tsunami (overview of the multiple pension crises)

    04/29/2012 6:32:36 PM PDT · by Lorianne · 14 replies
    The oncoming wave of pension debt is even bigger than it seems. The purpose of this website is to provide an overview of the multiple pension crises that are about to drown America's taxpayers. Our primary focus is on California, but we also track other states, corporate pensions, social security and international trends. is a project of the California Public Policy Center.
  • Public-Employee Unions Gone Wild (Their excessive demands are squeezing local governments)

    04/27/2012 6:18:01 AM PDT · by SeekAndFind · 15 replies
    National Review ^ | 04/27/2012 | Patrick Brennan
    Terry List, a teacher in Saginaw Township, Mich., has a depressing lesson for her students: “I would not recommend to my pupils to become a teacher in Michigan.” What’s discouraging her? A proposed pension-reform bill in Michigan would derail her plans to retire — at age 47. After these rapacious reforms, List would have to work another 16 years, to age 63, in order to earn her retiree health-care benefits. “I understand we have to tighten our belts,” she laments, “but we don’t have to use a tourniquet and cut off the blood supply entirely.” Under the reforms, such a...
  • The Bailout Of The US Postal Service Begins: Cost To Taxpayers - $110,000 Per Union Vote

    04/26/2012 8:49:05 AM PDT · by mojito · 19 replies
    ZeroHedge ^ | 4/26/2012 | Tyler Durden
    A week ago, when reading between the lines of what had heretofore been considered an inevitable USPS episode of austerity in which hundreds of thousands of labor union workers would lose their jobs but in the process would streamline a thoroughly outdated and inefficient US Postal Office bureaucracy, we asked if a US Postal Service bailout was imminent, focusing on the following: "Enter Ron Bloom, Lazard, and the very same crew that ended up getting a taxpayer funded bailout for GM. From the WSJ: "The Postal Service's proposal to close thousands of post offices and cut back on the number...
  • More taxes for schools? Not exactly…

    04/24/2012 11:18:44 AM PDT · by Mark Landsbaum · 1 replies
    What’s the old adage? How can you can tell when a politician is lying? His lips move. Gov. Jerry Brown, who in an earlier incarnation insisted he detested the idea of more taxes, now says Californians must tax themselves even more. Why is that? It’s for the children, the governor assures us. What cold-hearted person would be against a few billion more in taxes when it’s for the children? The trouble is, not even that much is true...
  • Public Unions Bankrupt Illinois

    04/24/2012 8:29:07 AM PDT · by Kaslin · 18 replies ^ | April 24, 2012 | Mike Shedlock
    Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes. The result is not what the governor thought. Businesses have fled, more have threatened to leave and Quinn responded with sweeteners. Moreover, Illinois pension plans are still the worst funded in the nation, and the state is still struggling to pay bills. Bloomberg reports Illinois ‘Treads Water’ as Unpaid Bills Top $9 Billion
  • Man Bites Dog…Likes the Taste

    04/22/2012 5:08:23 AM PDT · by Kaslin · 17 replies ^ | April 22, 2012 | Derek Hunter
    The theater of the absurd that is our presidential election keeps chugging along with all the vigor our economy doesn’t. One can’t blame Democrats for attempting distraction upon distraction, given the alternative of talking about President Obama’s record. After all, if it is indeed about the economy, stupid, the only votes there for Democrats are mindless drones who don’t care that nary an economic indicator has improved since Barack Obama took office $5 trillion in new debt ago. Those of us with eyes open and an IQ above that of our shoe size can’t help but notice. The spin of...
  • Twinkies maker Hostess gives unions 'final' offer

    04/14/2012 6:35:54 PM PDT · by Jet Jaguar · 88 replies
    AP ^ | April 14, 2012 | By DAVID KOENIG
    The company that makes Twinkies, Wonder bread and Ding Dongs says it's making a final offer to workers to accept cost-cutting before it asks a bankruptcy court to impose the cuts. Hostess Brands Inc. wants the Teamsters and bakers' unions to accept reduced pension benefits and changes in work rules to lower costs. It wants to outsource some delivery work. The company said Saturday that if the unions reject the offer, it will push ahead with efforts in bankruptcy court to throw out the unions' collective bargaining agreements. A union official warned that could lead to a strike. Hostess Brands...
  • Surprise! You owe another $54 billion

    04/07/2012 7:22:29 AM PDT · by Oldeconomybuyer · 15 replies
    Chicago Tribune ^ | April 7, 2012 | Editorial
    A new report forces the question: How could Illinois pols do this to taxpayers? The state of Illinois admits to $83 billion in pension underfunding, a staggering weight on today's and tomorrow's taxpayers. Add to that the as yet uncalculated billions in unfunded pension obligations for city, county and other local governments. Beyond that $83 billion in unfunded pensions, state government alone faces an unfunded liability of more than $54 billion in retiree health liabilities over the next 30 years. We've noted before that many states similarly fund unaffordably generous retiree health benefits on a pay-as-you-go basis. But those states...