Posted on 03/22/2020 7:25:44 AM PDT by rintintin
This points to a wider issue. State Governments everywhere will be in deep trouble, but the blue-left states in places like NY, IL, CA will be facing insolvency.
Debt and socialism are two sides of the same coin and we are facing a massive debt collapse.
It seems to me the Democrats aka Demoncrats have wooed public unions for years by offering really good pension plans and not really funding them properly. Like everyone’s pension IRA or 401k. You don’t lose that money unless you cash out now and don’t wait for things to get better. The real question is how much they will have to pay out before things get back to normal and what percent of their net worth that will cost.
Suck it dry, leftwing vermin.
Nice to have the state cover the gambling losses.
They haven’t lost anything as long as they hold on to the investments.
The market will come back up.
The pay remains the same for the retirees and employees. The pool of money is immaterial to an extent.
Government employees eat first unlike a deli, bank or nail salon. They rarely ever take a hit and there only game is to either up taxes, steal additional funds in the coffers or raise bonds to pay themselves. Or just continue to raise fees on everything from permits to car registrations.
We are rapidly approaching our exit from GavinVille.
I’ve got to put 7000.00 into my stock fund before April 15th. I vacillate between thinking it a huge buying opportunity or a big mistake. Since it’s long term I lean toward opportunity.
So what? All the members haven’t lost a penny that the taxpayers of California aren’t on the hook for! It’s good to be one of the special class, you never lose if you are some sort of government or school district employee or......illegal.
Looks like you have an over age 50 IRA. Why would you need to stick it all in a stock fund? There are other options such as bonds and money market accounts. Take a look at treasury money market funds over ordinary money market funds if you are indecisive on how to make your 2019 contribution.
Not to worry, Gov Newsom says he has a surplus in the budget so they can tap that... except that Newsom wants to build a new state park from the surplus, and perhaps fund his train to nowhere. Okay, worry, since they will take it from the general fund.
At one point in time the CalPers Board Wakadoodles divested the politically INCORRECT energy (oil, gas, etc.) and invested in so called ‘sustainable’ ‘renewable’ bullpucky. This was just before the most recent fracking boom. Very soon after someone with a brain took back control and invested in whatever would make greenbacks.
Cow piss
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