Last month the League of California Cities released a “Retirement System Sustainability Study and Findings.” The findings were not surprising. “Key Findings” were (1) City pension costs will dramatically increase to unsustainable levels, (2) Rising pension costs will require cities to nearly double the percentage of their general fund dollars they pay to CalPERS, and […]
About Edward Ring
Edward Ring has over 20 years experience in business and politics, primarily with start-up and early stage organizations. From 2010 through 2016, he was Executive Director, then President of the California Policy Center. From 2007 through July 2010, in partnership with AlwaysOn Media, Ring designed and launched their “GoingGreen” conferences, held in San Francisco and Boston, attracting clean technology entrepreneurs and investors from around the world.
Ring was CFO for Play Industries in 1999-2000, the first company to develop and deploy technology for desktop digital video production and internet video broadcasting. In 2003, Ring was Director of Strategic Planning for Anuvu, one of the first companies to build a prototype fuel cell vehicle. Currently Ring consults for various clients in politics and media.
In 1995 Ring founded www.EcoWorld.com, an online environmental magazine reporting on clean technology and the status of species and ecosystems. For over 14 years under Ring’s editorial direction, EcoWorld was a respected international voice for free-market environmentalism, something that is needed now more than ever.
Ring has an undergraduate degree in Political Science from UC Davis, and an MBA in Finance from the USC.
Entries by Edward Ring
On January 28, 2018, the Dow Jones stock index closed at a record high of 28,610. Nine days later, on February 6, the Dow index hit an intraday low of 24,198, a drop of over 15 percent. Since then the Dow index has recovered somewhat, along with other stock indexes and the underlying stocks around […]
The employer contribution to California’s state and local government pension systems will double, from $31 billion in 2018 to $59 billion by 2024. This estimate is based on aggregating official projections of cost increases issued by CalPERS to their participating agencies, and extrapolating those projections show the overall impact on all of California’s 87 government […]
Gimmick – a concealed, usually devious aspect or feature of something, as a plan or deal. – Dictionary.com In the past week, from Millbrae’s city hall to the inner sanctum of the CalPERS leviathan in Sacramento, defenders of pensions have been active. In particular, they have criticized the recent analysis, published by the California Policy Center, “How […]
Have you experienced water faucets that spray tiny jets of water onto your hands? You know, those eight tiny jets of water, each about 1.0 millimeter in diameter, that are emitted with so much pressure that the paltry quantity of water bounces off your skin before you can get it wet enough to apply soap, […]
When speaking about pension burdens on California’s cities and counties, a perennial question is how much are the costs going to increase? In recent years, California’s biggest pension system, CalPERS, has offered “Public Agency Actuarial Valuation Reports” that purport to answer that question. Notwithstanding the fact that CalPERS predictive credibility is questionable – i.e., they’ve […]
As of a few days ago, high-wage earners have a new reason to leave California: their state income taxes are no longer deductible on their federal income tax returns. Can California’s union-controlled state legislature adapt? Can they lower the top marginal tax rates to keep wealthy people from leaving California? The short answer is, no, they cannot. They cannot conceive of the possibility that California’s current economic success is not because of their confiscatory policies, but in spite of them.
The looming Janus vs. AFSCME decision, expected by Spring 2018, is probably going to validate the contention that ALL public sector union activity is inherently political. Once this landmark case is decided, members will not only have the right, already existing, to opt-out of paying political dues. After Janus, they may also have the right […]
One year ago the Dow Jones stock index was 19,756. Today it closed at 24,211, an increase of 23%. Pretty good for one year! When the stock market does well, pension funds do well, since that’s where these funds place most of their portfolio investments. But CalPERS, the largest public employee pension system in the […]
California’s ruling elites have enacted policies that make it impossible for middle class citizens to live here. They have artificially elevated the cost of living, nearly destroyed public education, decimated public services, neglected public infrastructure, and declared war on small business. To deflect criticism, they’ve convinced a critical mass of voters that any attempts to […]
How can you persuasively counter arguments for diversity quotas, when implacable fanatics purporting to represent every identifiable group whose aggregate achievements fall short of the mean will argue it is discrimination, not merit, that determine outcomes? Expect no help from government unions. Resentment gives them passion, restitution gives them power. Undermining the meritocracy is key […]
As the ethnic composition of America changes from mostly white to a kaleidoscope of color within a generation, there is no better way to fracture society than to teach everyone to resent everyone else. Nurturing tribal resentment is a winning strategy for government unions, because a swollen, authoritarian, unionized government becomes the referee. Government union […]
Nobody argues that California’s roads need huge upgrades. But the solution didn’t require the $0.12 per gallon tax hike that goes into effect today. The root cause of these neglected roads – and the reason even more taxes will never be enough to fix them – is the power of public sector unions, whose agenda […]
How would you feel if someone told you they’d just increased your retirement benefit by 50%, took five years off the age you’d have to be when you could retire and collect this benefit, and then told you there would be almost no additional cost because the stock market was roaring? In California, that’s what […]
“A public employer shall provide all public employees an orientation and shall permit the exclusive representative, if applicable, to participate.” – Excerpt from California State Assembly Bill AB 52, December 2016 In plain English, AB 52 requires every local government agency in California to bring union representatives into contact with every new hire, to “allow […]
Instead of the cross, the albatross About my neck was hung. – Samuel Taylor Coleridge, The Rime of the Ancient Mariner, 1798 In Coleridge’s famous poem, a sailor who killed an albatross has it hung around his neck as punishment. Since then, the albatross, which sailors used to consider good luck, has come to symbolize an oppressive […]
How would you like it if every time you received a property tax bill from your county assessor, you also received a notice that disclosed the amount of the county’s total debt, annual operating expenses, total unfunded liability for pensions, and total unfunded liability for retirement healthcare? You might not like it, but you’d have […]
Back in 2013 the City of Irvine had an unfunded pension liability of $91 million and cash reserves of $61 million. The unfunded pension liability was being paid off over 30 years with interest charged on the unpaid balance at a rate of 7.5% per year. Irvine’s cash reserves were conservatively invested and earned interest […]
“We’re not anti-cop. We’re anti bad cop. Bad cops have to be fired, just like bad politicians” – Leader of Black Lives Matter counter-protest, who was spontaneously invited to speak at a pro-Trump rally (watch video). There aren’t too many things that are easier to agree on than this sentiment. Even those of us who […]
Introducing competition to the public sector is an essential part of delivering cost-effective services to taxpayers. What happened earlier this year in Placer County is just one example of how millions of savings can be realized by privatizing a public service. By replacing county employees with a private firm to provide inmate food services to […]
Pension reform in San Jose began in June 2012 when voters, by a margin of 69% to 31%, approved Measure B. Despite overwhelming support from voters, however, this vote triggered a cascade of union funded lawsuits which by 2015 had overturned several of the key provisions of the reform measure. Finally, in August 2015, the […]
The City of San Jose was a pioneer in reforming their rules governing binding arbitration, rules that may seem obscure and complex to the uninitiated, but which have profound consequences. Until the San Jose city council put arbitration reform on the ballot in 2010, unelected arbitrators could end labor negotiations with decisions that were devastating […]
Beginning around 2009 it became clear to civic leaders and councilmembers that the City of San Diego faced serious financial challenges. A San Diego County Grand Jury in that year released a report that recommended the city file for bankruptcy. The report cited the underfunded City’s pension system as the primary underlying cause of their […]
You’ve just been elected to the city council. You’re 34 years old and you’ve been attending your city council meetings for almost a decade. You’ve served on some civic improvement commissions. You’ve been a concerned activist for most of your life. But the firefighters union contract is being renegotiated this year, and you’re about to […]
The San Diego District Attorney last week charged John Collins with misuse of hundreds of thousands of dollars over several years as superintendent of Poway Unified School District. The allegations would be shocking if they weren’t so common. In Placentia, Bell, Compton, Pasadena, Beaumont, and elsewhere, California cities have needlessly lost millions, and for a time, nobody knew. […]