CA Unfunded Pensions Triple to $884 Bil | Chris Street for CalWatchDog

The cabal of California politicians, bureaucrats and crony consultants that justified the granting of lucrative benefits to employees, while failing to contribute enough to support the true pension costs, solemnly dismissed the Stanford report as unsophisticated reflections by academics.

But now that a swarm of local governments wants to abandon the floundering retirement trusts, the state plans are willing to credit only a 3.8 percent expected return.

If the California state pension plans adopted the same 3.8 percent rate they are only willing to credit when participants want to leave, their published $288 billion in pension shortfall would metastasize into an $884 billion California state insolvency.

If the pension investment returns skyrocket, the unions will bargain for increased benefits. If the pension investment returns crash, the public employees are protected by a rock-solid contract law that prevents any reduction in benefits.

In 2007, I was fortunate to gain the support of enough Orange County Pension Trustees to reduce speculative derivative use by 90 percent. At the time, trustees for the California state public pension plans solemnly dismissed Orange County as unsophisticated. Shortly thereafter, the stock market crashed and the state pension trustees stopped making comments.

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Tonight on Gadfly Radio w/ Martha and CalWatchDog’s Steve Greenhut and John Seiler: Gov Brown’s Yawner Budget, Suicide by Public Employee makes Costa Mesa Ground Zero in the Battles Over Public Pensions

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Gadfly Radio, with me and  CalWatchDog’s Steven Greenhut and John Seiler on some of the latest and hottest stories up at

Brown’s Pension Reform A Yawner
 Jerry Brown’s Pension Reform Proposal for California Is a Yawner and today is the first Costa Mesa City Council meeting since Huy Pham, 29year old maintenance worker’s suicide in Costa Mesa, after he was called in to receive his notice of termination?   Bloomberg News reported today, Costa Mesa, California Is ‘Ground Zero’ for Pension Battle After Worker Suicide (Christopher Palmeri / Bloomberg)

Sky Not ‘Falling’ on School Budgets
What’s the story behind these  “cuts” in education we have been hearing about on radio ads 24/7?  CalWatchDog’s reporter, Wayne Lusvardi refutes the “sky is falling” claims we’ve been bombarded with on the airwaves.  We’ll discuss his report and tell the side the mainstream media is not telling you.

Card Check Bill Passes CA Senate, reported by Katy Grimes on March 31: The “card check” bill, SB 104, authored by Senate President Pro Tem Darrell Steinberg, D-Sacramento, passed the Senate this morning 24-14, after a heated debate.  “This bill would permit agricultural employees, as an alternative procedure, to select their labor representatives by submitting a petition to the board accompanied by representation cards signed by a majority of the bargaining unit,” reads the bill.  “On the Waterfront” anybody?  And to do this the most vulnerable workers in the name of protecting them is doubly immoral.

Dependency Bill is a bill that if passed would put government powers back in check where parents and children were safe from abuse by social workers’ powers to remove children from their parents and put children into foster care without due process, or merit, or accountability.  Will it survive the next phase?

 Show Us Your Papers Please!
“Republican legislators gathered on the north steps of the state Capitol today to pitch AB26, which would clamp down on illegal immigration. Modeled after Arizona’s controversial anti-illegal-immigration law, the bill would “beef up enforcement of immigration laws against employers who knowingly hire illegal immigrants and make being in California illegally punishable as a misdemeanor,” according to the Victor Valley Daily Press. “It aims to end so-called sanctuary cities by enabling residents to sue the government over lax enforcement.” Members of the Service Employees International Union were on the sidewalks making catcalls as various officials and crime victims addressed a crowd that seemed dominated by Tea Party members.”

“The bill certainly expands government powers.   Steve Greenhut’s “main concern is summed up by a sign holder who was an official participant at the event, someone who was standing in the group surrounding the Assembly members: ‘I would be happy to show you my papers any time. Yes AB26.’
Is this right? Are self-styled supporters of freedom and the Constitution really willing and happy to show government agents their papers at any time?
American citizens of Latino heritage know that they will be the ones repeatedly asked to show their papers in any such scenario. This explains the opposition to it from so many people. Once again, we see Republicans who are advocating laws that are in direct conflict with their stated goals of promoting liberty.”

My mission for this radio program is (and I quote here the mission statement of  The Future of Freedom Foundation, with whom I have no affiliation other than that I agree with their stated mission,  by which I am inspired and for which I stand, to the best of my ability), “to advance freedom by providing an uncompromising moral and economic case for individual liberty, free markets, private property, and limited government.”

It’s my privilege to share this program with CalWatchDog’s team of government watch dogs!

Join us Tuesday nights, on Gadfly Radio live in Southern California or where ever you are. No matter how bad things are, California is a land of beauty and unlimited possibility because of the abundance of our greatest capital resource, our human resources, if we can manage to get it right.   Join us.

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