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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
2020 May 3, 3:41pm 1,092 views 15 comments
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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.
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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