Some public pension experts think they know why pensions were not on the city manager’s list. They see the hidden hand of California’s giant state pension system, known as Cal-PERS, which administers hundreds of billions of dollars in retirement obligations for municipalities across the state.
CalPERS does not want cities like Stockton going back on their promises, and it argues that the state Constitution bars any reduction in pensions — and not just for people who have already retired. State law also forbids cuts in the pensions that today’s public workers expect to earn in the future, CalPERS says, even in cases of severe fiscal distress. Workers at companies have no comparable protection. (Click here to read the article)
A test for state’s untouchable pensions Stockton, on verge of bankruptcy, running up against the 800-pound gorilla known as CalPERS
A play on Atlas Shrugged, this piece tags the 33% who pay the load of taxes that support Government on all levels, the Atlas Generation.
America’s Atlas Generation – The Forgotten 33%
By Editor, on January 9th, 2012
Pull Quote: America’s forgotten 33%, those who are neither entitled to avoid all taxes, nor members of the political class who pay no taxes, nor the super-rich, might be called “The Atlas Generation.” They carry the world on their shoulders. Their challenge is daunting – they must convince the political class to support sustainable taxpayer funded benefits under formulas that apply equally to ALL workers, public or private, without relying on Wall Street speculative investments to pay for this. Equally challenging, they must convince the entitled class that there is an alternative to identity politics, the politics of envy, and the cycle of government dependency. And they must convince a critical mass of the politically influential super-rich to embrace and advocate a political economy that nurtures competition instead of crony capitalism.
To Read the article and see the dramatic graphic, click here.