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Newsom Says California Went From Surplus To 'Tens Of Billions In Deficit' In Weeks, Won't Get By Without Federal Help
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2020 May 3, 3:41pm 1,010 views 15 comments
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1
Dholliday126
2020 May 3, 4:06pm
Dholliday126
2020 May 3, 4:06pm
Agreed, they get $$ if they nuke their existing golden plated bullshit pensions. If not, then F off and die a slow death.
2
FortwayeAsFuckJoeBiden
2020 May 3, 5:22pm
How are they goi g to give money to illegals if they don’t know who is an illegal.
Probably a scam. Money will go to some private entity responsible for distribution of the money, money will go into politicians accounts, few thousand will be spent to pretend they did something... nice scam.
Probably a scam. Money will go to some private entity responsible for distribution of the money, money will go into politicians accounts, few thousand will be spent to pretend they did something... nice scam.
3
MisdemeanorRebel
2020 May 3, 5:54pm
MisdemeanorRebel
2020 May 3, 5:54pm
Told ya this shit was gonna happen.
First step: Government pension reform needed to qualify.
Mandatory: Put it on the Teacher's Union to run the pension, state will only absolutely guarantee $1000/month. The taxpayer will make a modest contribution of 3% of pay but anything else AFT/Whomever has to organize contributions and manage the investments. ALL of the medical is on the Union, they can charge whatever dues necessary.
$1000 month + Soc Sec is fine for security. Oh, also must retire to California or forfeit 33%. The must put some water back in the well. Should be the law for all gov pensions - you gotta retire in-state. No more blue gov employees jacking up wages and pensions, then fleeing to low/no tax Red States, fucking everybody over who contributed to their retirement.
First step: Government pension reform needed to qualify.
Mandatory: Put it on the Teacher's Union to run the pension, state will only absolutely guarantee $1000/month. The taxpayer will make a modest contribution of 3% of pay but anything else AFT/Whomever has to organize contributions and manage the investments. ALL of the medical is on the Union, they can charge whatever dues necessary.
$1000 month + Soc Sec is fine for security. Oh, also must retire to California or forfeit 33%. The must put some water back in the well. Should be the law for all gov pensions - you gotta retire in-state. No more blue gov employees jacking up wages and pensions, then fleeing to low/no tax Red States, fucking everybody over who contributed to their retirement.
4
clambo
2020 May 3, 6:31pm
I don't think the USA taxpayers want to subsidize the illegals in California that Newsom takes such good care of.
5
Ceffer
2020 May 3, 6:38pm
Ceffer
2020 May 3, 6:38pm
Like, Duhhhhhhhh, Gavin, but gotta keep those people off the beaches.
Do you really think there is going to be sympathy in the Federal Government for the whiney little shit who has basically said no Federal law or Federal law enforcements apply to him or his state? He should be arrested along with any number of Dem apparatchiks in Cali who thumb their nose at those laws and the Constitution.
Isn't this what Dems are best at: focussing on SJW trivia and edicts, while they think they can just go back to strangle the golden goose for more eggs?
Do you really think there is going to be sympathy in the Federal Government for the whiney little shit who has basically said no Federal law or Federal law enforcements apply to him or his state? He should be arrested along with any number of Dem apparatchiks in Cali who thumb their nose at those laws and the Constitution.
Isn't this what Dems are best at: focussing on SJW trivia and edicts, while they think they can just go back to strangle the golden goose for more eggs?
7
RWSGFY
2020 May 3, 7:53pm
RWSGFY
2020 May 3, 7:53pm
Feds must demand the sanctuary state to be abolished before even talking to the fuck about any kind of relief.
8
Reality
2020 May 3, 9:08pm
Here is simple solution to the state financial deficit: line up all the names in the state payroll in descending order of their annual salary, then lay off from the top of the list, one at a time, till the remaining total outlay matches the current state tax revenue.
9
WillPowers
2020 May 4, 5:41pm
WillPowers
2020 May 4, 5:41pm
How about we end the sanctuary state status and deport any non-citizen. That would deplete the homeless population and take out the dead-weight on our social welfare system?
10
Patrick
2020 May 4, 6:17pm
Patrick
2020 May 4, 6:17pm
WillPowers says
We might finally get justice because of the tens of millions of newly unemployed Americans.
All illegals should be deported immediately. They are criminals, stealing from the poorest US citizens with help from business owners and the indifferent middle class.
How about we end the sanctuary state status and deport any non-citizen.
We might finally get justice because of the tens of millions of newly unemployed Americans.
All illegals should be deported immediately. They are criminals, stealing from the poorest US citizens with help from business owners and the indifferent middle class.
11
EBGuy
2020 May 4, 7:34pm
NoCoupForYou says
Just, for the record, California school districts currently contribute (employer) 19% of teacher salary to CalSTRs (teacher pension plan). Teachers (employees) contribute ~10% of their salaries to CalSTRS. Teachers do not receive (or contribute to) Social Security.
The taxpayer will make a modest contribution of 3% of pay
Just, for the record, California school districts currently contribute (employer) 19% of teacher salary to CalSTRs (teacher pension plan). Teachers (employees) contribute ~10% of their salaries to CalSTRS. Teachers do not receive (or contribute to) Social Security.
12
RWSGFY
2020 May 4, 8:57pm
RWSGFY
2020 May 4, 8:57pm
Patrick says
Hear! Hear!
All illegals should be deported immediately. They are criminals, stealing from the poorest US citizens with help from business owners and the indifferent middle class.
Hear! Hear!
13
AD
2020 May 4, 9:08pm
AD
2020 May 4, 9:08pm
.
Mississippi and Alabama have a better credit rating than California :-/
https://ballotpedia.org/State_credit_ratings
.
Mississippi and Alabama have a better credit rating than California :-/
https://ballotpedia.org/State_credit_ratings
.
14
Patrick
2020 May 4, 9:19pm
Patrick
2020 May 4, 9:19pm
Lol, that seems to be true.
Credit ratings should be expressed as a probability of default so that predictions can be compared against what actually happens. Some random letter grade is not very meaningful.
But anyway, the federal government should not help California at all. California should clean up its own mess.
Credit ratings should be expressed as a probability of default so that predictions can be compared against what actually happens. Some random letter grade is not very meaningful.
But anyway, the federal government should not help California at all. California should clean up its own mess.
15
AD
2020 May 4, 9:28pm
AD
2020 May 4, 9:28pm
EBGuy says
Let's figure this as an engineering economics example. Figure based on total 29% contribution that an average of $18,000 goes into the pension fund each year per teacher in current dollars. That is based on a $60,000 annual salary.
Annual contribution =$18,000 i = 6%=0.06 n =25 years
Calculate Uniform Series Compound Amount of this pension investment.
Future Value (F) = $18,000 [ ((1+0.06)^25 ) - 1 ] / 0.06 = $18,000 ( 3.29 / 0.06 ) = $987,000
The pension will be worth $987,000 at the end of 25 years of contributions.
Round it up to $1 million. $1 million in 25 years is worth in present day dollars about $500,000 when accounting for 2% to 3% annual inflation.
Obviously this is based on a uniform series and not a gradient series. Gradient series would assume a 4% increase each year of the annual contribution.
Just, for the record, California school districts currently contribute (employer) 19% of teacher salary to CalSTRs (teacher pension plan). Teachers (employees) contribute ~10% of their salaries to CalSTRS. Teachers do not receive (or contribute to) Social Security.
Let's figure this as an engineering economics example. Figure based on total 29% contribution that an average of $18,000 goes into the pension fund each year per teacher in current dollars. That is based on a $60,000 annual salary.
Annual contribution =$18,000 i = 6%=0.06 n =25 years
Calculate Uniform Series Compound Amount of this pension investment.
Future Value (F) = $18,000 [ ((1+0.06)^25 ) - 1 ] / 0.06 = $18,000 ( 3.29 / 0.06 ) = $987,000
The pension will be worth $987,000 at the end of 25 years of contributions.
Round it up to $1 million. $1 million in 25 years is worth in present day dollars about $500,000 when accounting for 2% to 3% annual inflation.
Obviously this is based on a uniform series and not a gradient series. Gradient series would assume a 4% increase each year of the annual contribution.
With 30 million unemployment claims filed since the coronavirus pandemic resulted in the shutdown of broad swaths of the economy, states are reporting that they'll need at least $1 trillion in aid from the federal government - which has already doled out over $2.2 trillion in relief for business loans, stimulus checks, expanded unemployment benefits and small business assistance.
"I’m doing everything I can to work with cities and counties, but we are not going to be in a position, even as the nation’s fifth-largest economy, to provide for the needs of all the cities and the counties without federal support," said Newsom.
SEE: https://www.zerohedge.com/economics/newsom-says-california-went-surplus-tens-billions-defecit-weeks-wont-get-without-federal
Yet, Newsom found the money to give every illegal aliens $500.00 each.
SEE: https://www.foxnews.com/politics/california-newsom-coronavirus-stimulus-checks-illegal-immigrants