Daily breaking news and news the liberal media doesn't want you to know, won't report, or just daily news issues.

Plain Dealer cuts home delivery to three days a week

(Associated Press)

Official: Obama proposes cuts to Social Security

by Jim Kuhnenn

(AP)

It also had the blessings of your Union leaders.

* * *

(Ohioans for Workplace Freedom)

(when not fixed), or invest in higher return mutual funds. the latter seems to be the most painfree when everything goes as planned....correct? with less of a paycheck...you don't eat, with no profits...you have no job, cutting benefits....you still don't eat but if you invest in hopes of a return....you get a paycheck, have a job, get to eat and have a chance to enjoy your benefits in the future. then again you could have opted not to work at a union facility with a pension and simply create your own IRA account and manage your own risk/reward.

munster, you are correct shortfalls are caused by something. most importantly is how are those shortfalls replaced and how quickly? unfunded liabilites are a major concern in both private and public arenas. i think you will find that most pensions are invested indirectly through various mutual funds with the ability to select the level of risk/reward. unfunded liabilities represent some short-term as well as long term debt that will adversely affect present and future stability of both private and public institutions. if the contributions, even when matching, do not cover the amount being paid out, then you have essentially lost part of your investment without dabbling in the stock market at all. the relatively low return of "safe" investments is usually too low to keep pace with inflation or the liabilities of the pension fund. so the shortfall has to be made whole. they can do that by taking more out of your check, taking more out of their profits, cut benefit payments (wh

So i wonder whose idea it was to invest in stock market over bonds? Surely not investment bankers, or incorruptable, federal and state reps. K street is fine wall street doing well, main street not so good. Are all pers members living lavishly off their pensions? No, just the select few who set up the pers investing in the market system.

Munster, generous and unrealistic taxpayer-supported pension plans are the problem. they are set in stone (contracturally and politically) without consideration of future economic downturns or contractions. in the instance of Stockton, it was not a case of robbing peter to pay paul. it was a case of selling bonds to cover the (predictable?) shortfall in revenue by spineless and inept city officials. the very same ones that renegotiated a costlier pension while the revenues were tanking. the bond money generated was then turned over to CALPers to be invested in real estate and the stock market for increased returns to cover the existing and additional pension costs as well as interest on the bonds. the city officials and CALPers gambled and lost for the citizens of Stockton and the unfortunate bondholders. BTW what did you mean when you posted this? "Yeah , tax revenues are down but then so should the cost of providing services be down since there was a loss of taxpayers !"

Munster, it would save a great deal of my and your time if you would just take a few moments to answer your own questions and concerns. i am not sure of why you are trying to insert your personal idea into the narrative of what actually occurred. the loss of taxpayer revenues does not indicate an actual loss in the number of citizens that the city has obligated itself to provide services to. i think you will find that the lack of funding from taxpayers actually increases the demand and strain on existing city services as well as any state or federal programs.

"i think our discussion about Stockton may be done. enjoy your day my friend." ~ luvthesouth

Munster = paul

LOL

Stockton Is ‘by Any Measure Insolvent’

By Stan Greer

(nrtwc)

Munster, i do hope it has been a "good" busy. you have a made a generic statement regarding a specific event. your blanket statement was not accurate in this case. the pensions were a anchor-heavy burden on the city due to the loss of tax revenue from the property owners and other taxpayer revenue. the pensions tipping point was when the city leaders decided to issue bonds and allow a state sactioned entity to manage and invest the bond money. your beef should be with the managers. the taxpayers and pensioners got screwed by the elected officials of the city as well as the managers at CALPers. either way you are going to believe what you think the problem is verses what the problem actually is and with that in mind....i think our discussion about Stockton may be done. enjoy your day my friend.

patriotic tax and spend crowds will have their own little kleenex party.

scrappile, personally i have nothing against the average worker that is eligible for whatever benefits are in their compensation package. the entire conversation was based around munsters inaccurate pinning of the blame for the city of stocktons troubles. the cities which should operate like a business do have the misfortune being forced to intertwine business with politics. in that union there is no long term winner. in case you have missed a post of mine long ago, i will restate that i did not support the financial bail-outs. the institutions should have gone through the bancruptcy process like anyone else. although i will admit that out of all of the "bailouts" this was the only one that actually worked and returned a healthy profit to the treasury. conversely all it did was provide a slush fund for the current President and possibly his sucessor. so far the taxpayers have only had their behinds nibbled on, just wait til the big chomping starts. then the liberal patrioti

A real question posters?, Did these PERS pension members,and those who were trusted to invest pension plans into the Stock exchange CREATE " synthetic" credit default swaps, or bet against them like Blankfein`s Goldman Sachs, and others, who then raked in huge profits on the too big to fail crash? if not, why the resentment of these pensioners living on 30 thou and less, but say nothing of the faux free maketeers, who bloviate capitalism until it bites them in the backside.Then hey taxpayers, can ya spare a dime or trillion.

dream the Democratic Plantation Dream as long as you can Munster. heck, you may not even have to click those Ruby Red Slippers Dorothy.

Munster, do you even bother to read? who are the people that you claimed in your original statement that caused the problem? would that be the taxpayers????? i went back and read what you posted. never once did you mention the taxpayer or the state sanctioned bond managers. nope according to you it was the profiteering stockbrokers that hoodwinked those innocent and "stupid" pensioners. you have got to realize that just because government bows to the labor unions in exchange for their continued reign of fiscal terror does not mean they can continue to squeeze the taxpayers forever. at some point the funds will dry up and you are left with what Stockton has realized. if asked most people, when given the choice, would say they had rather eat with their money than fund the next pie-in-the-sky dream of a politician.

Stockton and San Bernardino, a Tale of Two Bankruptcies

(Reuters)

(CNBC)

Heated nine-hour Stockton council meeting centers on bankruptcy

by Diana Marcum

Los Angeles Times

Back on topic . . .

The CalPERS Board consists of 13 members who are elected, appointed, or hold office ex officio.

calpers.ca.gov