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...
Sacramento When it comes to California’s underfunded pension system and to its root cause – the excess power of public-employee unions – we’ve gotten used to the same old story every year. The pension funds go deeper into debt, public services are cut and taxes are raised to make up for past shortfalls. Reformers stand...
Low teacher quality leads to low student quality, which, in turn, leads to uneducated teachers, which then leads to…. What qualities does a good teacher have? Opinions abound, but love of kids, great work ethic, organization, an engaging personality, clear objectives for lessons, and effective discipline techniques are often mentioned. But, as important as any,...
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.
Sacramento In the coming months and years, California voters can expect to see a variety of tax increases pop up on their local election ballots. They will be called “public safety” taxes to hire more police or firefighters or “parks” or “library” taxes to pay for those popular public services. But don’t be fooled. Any...
The “nationwide teacher shortage” claim is a myth that has been perpetuated on and off for about a hundred years now. Of late, its inaccurate cousin the “teachers are leaving the profession in droves” fable has been giving it some serious competition however. And California, never a place to avoid a good fad, has hatched a plan to address the mythical problem. In an attempt to lure and keep teachers, there is talk of a “The Teachers Fair Pay” referendum which would align teachers’ pay to the wages of state lawmakers, about $104,000 a year.
Sacramento The California Public Employees’ Retirement System, the nation’s largest state pension fund, claims that making investments based on myriad social priorities is good for business, even though a newly released report found that such investments are some of its poorest stock performers and are increasing the public’s risk in the vastly underfunded system. CalPERS...
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...
Do public schools really serve the public? On November 16th, the United Teachers of Los Angeles held a “Save Our Schools” rally, which was part of the larger American Education Week, a National Education Association creation. Touting NEA’s 2017 theme, “Public Schools for all,” union President Lily Eskelsen García emphatically stated “Public schools are 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...
Sacramento The California Public Employees’ Retirement System’s union defenders feign shock whenever pension reformers accuse it of “kicking the can down the road” in dealing with the state’s mounting pension debt. It’s like the scene from Casablanca, when Captain Louis Renault is absolutely shocked to find gambling going on in a gambling house. CalPERS is...
Too many kids in California are failing, and the powers-that-be are doing nothing effective about it. As I wrote recently, the Big Education mandarins are forever pointing fingers at charter and private schools, claiming they’re “unaccountable.” But in reality, there is no entity in America that is less accountable than a unionized, government-run school system....
Sacramento – The Los Angeles Unified School District and some of the nation’s highest-performing charter schools are engaged in what one report has called a “game of chicken” – with the fate of 14 of these schools and their nearly 4,600 students hanging the balance. But that suggests this is about two parties engaged in...
Assemblywoman Melissa Melendez, R-Lake Elsinore, sits at the Capitol. For four years, Melendez has authored a bill to enshrine whistleblower protections into law for those legislative staff members who come forward with allegations of sexual assault and harassment, only to have the bills killed in the Senate Appropriations Committee. (AP Photo/Rich Pedroncelli, file) You know...