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Posted on April 18 at 5:47 p.m.
Breitbart sounds the alarm about California public pensions. Why hasn't Wolf done the same for the billion dollar Santa Barbara county short-fall?
………"But the real scam in CalPERS' “assumptions” is not just the highly dubious estimate of superior investment returns; it is the scam of the public pension plan having 30 years to compound those returns by that 900% to pay for the pension funding shortfall.
The “current” average for California government workers seniority is more than 16 years. That means that CalPERS only has 14 years of investment return opportunity to make up their funding shortfall.
Assuming CalPERS makes 7.5% per year, their compounded investment return will only go up by 300% in 14 years. Consequently, CalPERS needs to triple their pension funding to get to that 900% growth of assets.
Tripling the number of assets means CalPERS' pension underfunding is not the admitted $260.9 billion. They actually have a $986.1 billion underfunded pension."……...
On Wolf, Aceves Square Off During First Candidates' Forum
Posted on April 18 at 5:41 p.m.
Do parents today expect someone else to pay for everything for their own children, even something as basic as their food?
On Santa Barbara's Cafeteria Queen
Posted on April 18 at 3:36 p.m.
Janet, do the right thing. Turn the money back and go out to the grass roots and win the hearts and minds of the voters; not just the unions.
On Wolf Collects Another $20,000 From Labor Union
Posted on April 18 at 11:56 a.m.
1. Firestone served one term, over 10 years ago.
2. It doesn't matter who you claim started this county pension free-fall. (One billion dollars currently unfunded, and growing)
3. It matters who fixes it.
4. Minor operational wage concessions do not fix long-term systemic county pensions deficits.
5. This is not a blame game; it is a solutions game.
6. Wolf in her two terms flunked the test.
How will you fund the $50 million dollars a year for twenty years it will take to make up the current one billion dollar county pension liability?
What has Wolf done to meet that $50 million current pension deficit gap this year? How will she meet it next year?
Wolf gets no points for her come to Jesus 11th hour wage "concessions. Seeing this as a sustained commitment will bring kudos, but not as a one time campaign stunt. Nor does it address the current unfunded billion dollar pension deficit.
I wouldn't try to make much of these minor "concessions" because you only expose how incestuous this system has become.
"Union-pandering progressive board majority" is an accurate description. Another short-hand is "Democrat". Take your pick. Only trying to be non-partisan in this non-partisan election with the more verbose description.
Deal with this, and get the unions out of the political process and back to only one side of the bargaining table, where they belong. The re-election of Wolf puts the county employees back on both sides of the bargaining table, and the current billion debt will only gets worse.
Tell Wolf to practice saying in front of the mirror "I support conversion to a defined-contribution county pension plan, because it is the right thing to do …... for all concerned."
Posted on April 18 at 10:22 a.m.
Why are the county employee unions so interested in Janet Wolf's is re-election?
Posted on April 18 at 10:20 a.m.
Reported Morua has no assets to attach for the medical damages the Dies family now faces.
But he had money for a $100 bar bill that night, along with $24 cigars. I suspect he learned his personal budgeting principles from his progressive boss.
Shall we take a wild guess and assume he maxed out his credit cards too and thought good budgeting was meeting his minimum payment every month. That is good progressive fiscal thinking too.
On Morua Pleads Guilty to DUI and Fatal Hit-and-Run Charges
Posted on April 18 at 10:15 a.m.
When one candidate (Wolf) builds up a campaign war chest of hundreds of thousands of dollars mainly from county employee union interests, the choice is clear.
Take the county employee unions out of the election process, and put them back where they belong - one one side of the bargaining table only.
Now the employee unions sit on both sides of the bargaining table when Wolf takes their massive campaign contributions upfront and fails to even consider this is a fatal conflict of interests.
Bring an end to this soft corruption of the public process. Wolf has to go, or give the tainted money back.
Posted on April 18 at 9:41 a.m.
How do you pay off the current billion ("B" as in billion) dollar county employee pension liability run up by union-pandering progressive-majority board of supervisor members?
You take $50 million dollars out of the county budget every year, for the next twenty years.
That is how you start. Assuming you stop running up more than the one billion dollars currently at stake, and not a penny more.
Posted on April 18 at 9:36 a.m.
Here are the issues:
Out of control public pension costs erode present services. Present civil service salaries are disproportionately bloated, with little to no accountability for work product or mission. Union control of local elections means more of the same, with no possible reform of failing compensation systems.
20% of Santa Barbara city housing now dedicated permanently to low-income residents with no discretionary income, with plans to increase these numbers even more. This has killed local retain sales tax since most of this subsided housing circles the downtown retail district.
More swaths of land taken off property tax rolls or now officially label toxic also diminishing their market force valuations. Recurring parcel taxes and bond issues use to permanently supplement union-dominated public schools budgets, with no improvement in educational outcomes.
Flat city revenues, but continually rising city budgets is a sure fire path to municipal bankruptcy.
You falsely frame the issues, which means you really don't have any.Fracking is safe, but why increase oil tax revenues to support out of control public spending?
Chumash have their own issues and need to live within existing regulations. No one is giving them a blank check. Except all the gamblers who give the Chumash plenty of money to pay to play.
Crime in SB is chronic and out of control compared to the past - gang stabbings on a weekly and monthly basis increase every year. Vandalism, graffiti and intimidation, drugs, alcohol and vagrants are crime have all increased in the past years. Vast amounts of county resources are drained out to fund the legal process for these revolving door gang-banger crimes.
RichieRich, you need to wake up and pay attention to where you money is coming from and where your money is going. Too many terms of the three vote progressive free-spenders but low revenue producers created a billion ("B" as in billion) dollar county debt with no means to pay this down.
Run the math and let's talk more. Time to take the unions out of our local governance decisions and put them back only on one side of the bargaining table. Wolf has to go. And so will Aceves, if he blows it too.
Voters always get to define the issues. You need to do a far better job because you are clueless about the fiscal realities this county and city face.
Anyone who has a direct beneficial relationship with this current city/county Ponzi scheme will easily come here and declare everything is fine. Case closed. Point made.
Posted on April 17 at 10:47 p.m.
Well, we know for sure Wolf wasted the past two terms and did nothing to get pension reform. That is hardly a ringing endorsement for her re-election.
Breaking up the three vote Wolf-Farr-Carbajal block on all other county matters is critical as well That is where Aceves experience and independence puts him well ahead of Wolf, so Aceves is the better choice.
The county needs a shake-up. And the unions have to get a new message. Aceves is the only choice to make that happen.
These are not twiddle-dee, twiddle-dum choices. They are actual choices between these. Turn the clock back for more malfunction or try to break-up this current log-jam.
Public safety background versus social justice money suckers is another consideration. Lock 'em up, works for me. Tried of being on the crime merry-go round in this county.
The Dirty Knobs and The Coffis Brothers & The Mountain ... Read More
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