Marc Joffe is a federalism and state policy analyst at Cato Institute and a California Policy Center visiting fellow.
After a long career in the financial industry, including a senior director role at Moody’s Analytics, he transitioned to policy research at CPC and Reason Foundation. Joffe’s research focuses on government finance and state policy issues.
Marc earned an MBA from New York University and an MPA from San Francisco State University.
Governor Newsom’s FY 2023-24 budget update included a larger projected deficit and more balancing measures than his January budget. But, despite pressure from Senator Scott Wiener (D-San Francisco) and transit agencies, the May Revise excluded emergency funding for local bus and rail systems around the state. The agencies’ proposed transit bailout was at best premature,...
By Marc Joffe
Boasting of his state’s robust economic growth, California Gov. Gavin Newsom recently declared that “California’s values and entrepreneurial spirit have powered this ascent to becoming the 4th biggest economy in the world.” Not so fast. California elected officials frequently cite the Golden State’s position in global economic rankings, comparing the size of the state’s economy...
By Marc Joffe
As international tensions threaten US and global energy supplies, the California State Senate is considering legislation that would compel public pension funds to divest from fossil fuel companies, potentially starving these firms of capital. The Senate bill is the latest in a series of initiatives designed to replace traditional portfolio management with a set of...
By Marc Joffe
This article was originally featured in The California Bullhorn. California’s population is declining according to estimates from the state’s Department of Finance and the US Census Bureau. During the 2010s, population growth had slowed to a trickle, and now the pandemic has tipped our growth rate into negative territory. While some may welcome less crowded conditions, a stagnant...
By Marc Joffe
With warmer, drier weather on the way, California public school districts worried about safely reopening classrooms could offer in-person classes outdoors, using tents or other temporary structures to ward off some of the elements. If restaurants and gyms have been able to serve customers outdoors under tents, why can’t public schools serve at least some...
By Marc Joffe
Editor’s Note: The following was originally published on Reason. In terms of providing quality information that researchers, hospitals, public health officials, and taxpayers would find the most useful, the best portals are offered by San Diego, Santa Clara, San Mateo and Marin counties. County governments across California are providing an array of public coronavirus data...
By Marc Joffe
The city of Lindsay, in Tulare County, is California’s fourth highest risk city according to the California state auditor. And that was before the COVID-19 pandemic. Its fiscal condition will likely deteriorate further as residents shelter at home, raising the specter of sharp service cuts or even Chapter 9 bankruptcy for the city. The mistakes...
By Marc Joffe
The economic crisis arising from the public health crisis we now face shows why the state auditor was correct in calling out El Cerrito and several other California cities for their perilous financial positions during a decade of economic growth. While El Cerrito may have been able to “get away” with uncontrolled spending during good...
By Marc Joffe
Last week, Sen. Elizabeth Warren (D-MA), a 2020 presidential candidate, proposed a plan to rein in private equity funds that engage in leveraged buyouts—acquiring companies with large amounts of borrowed money. Although the idea of cracking down on financial engineering is attractive to many, it could have the unintended consequence of lowering asset returns for public...
By Marc Joffe
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities. This represents a rise...
By Marc Joffe
Political leaders and pundits have been quick to link this month’s horrific wildfires to climate change, leading to the conclusion that California should continue and even double down on its carbon reduction policies. But the evidence suggests that these policies will make little difference in the frequency and severity of these disasters, and our scarce...
By Marc Joffe
Since Elon Musk introduced hyperloop in 2012, several startups have been formed to commercialize the technology. Hyperloop is a 21st century approach to intercity travel in which pods fly through sealed, low pressure tubes at speeds of up to 760mph. Although a large amount of hyperloop research is occurring in California, our state government is...
By Marc Joffe
Despite living in the affluent Bay Area, residents of western Contra Costa County have been plagued by a rash of government fiscal crises. The region’s healthcare district filed for bankruptcy twice and is now no longer providing services despite collecting $5.5 million in annual parcel taxes. West County’s largest city, Richmond, carries a junk bond...
By Marc Joffe
How Can Local Elected Officials Control Employee Retirement Costs Employee retirement costs are a growing burden for California governments. As CalPERS and other multi-employer systems reduce their expected rates of return, required employer pension contributions are rising rapidly, usually outpacing revenue growth. As a result, retirement expenditures are crowding out other spending priorities, and, in...
By Marc Joffe