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The middle class is leaving California
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2012 Sep 30, 3:06am 67,240 views 170 comments
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Bellingham Bill
2012 Nov 7, 8:12am
My vested interest is not having to pay my share (as a taxpayer) of CalPERS' missing $20B in interest income this year.
The California pension system is a very scary thing. Promises have been made. Money's not really there, not with the transition to ZIRP and resulting loss of 8% risk-free yields.
If CalPERS was relying on that $20B of missing interest income this year (and they were of course), it stands to reason that it has to be made up with either higher employee contributions, cutback of benefits, or taxpayer money.
um, yeah. Oh, CalSTRS is in similar situation, but not quite as big (still a hundred billion dollar plus time bomb though, ~$8B of lost interest income this past year).
Washington State is looking better today, LOL.
Bellingham Bill
2012 Nov 7, 8:54am
just workers can contribute more to the fund
$20B more???
http://research.stlouisfed.org/fred2/graph/?g=cA8
shows total government payroll is around $150B . . . that's a 10%+ rise to make up the missing investment yields . . .
Goran_K
2012 Nov 7, 9:22am
Face it bgamall, CalPERs is done as a solvent fund, or maybe bellingham bill is a "wall street interloper" just like me.
Goran_K
2012 Nov 7, 9:24am
More private accounts.
I do think CalPERs risk should be privatized, and not socialized, like they are now.
My vested interest is not having to pay my share (as a taxpayer) of CalPERS' missing $20B in interest income this year.
you cant be missing $20B that you never had to begin with. But your short in the required pension balance. Thats the problem with a defined benefit pension .. plenty of bankruptcies in private sector to prove the point. And in todays near zero interest environment .. wont make it . Start packing !
Peter P
2012 Nov 7, 12:36pm
Don't let the door hit you in the rear. I know folks who make in the200k range and they are doing pretty well.
Question is, can they do better in Texas?
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http://northochousingnews.com/news/the-middle-class-is-leaving-california
I came here 2 years ago thinking this was the best state in the US and I had always dreamed of living here.
Well guess what it just isn't that good. The beaches are not as good as Florida's with the nice calm and warm gulf. The taxes here are killing me. My california taxes alone will pay the rent in most other states. gasoline high, Too many illegals ruining the schools and people begging everywhere.
I have now decided to leave and go to Henderson in Nevada which has just been voted the second most safe city in the US. With vegas on the doorstep I will never be stuck for something to do and the added benefit I will be able to buy a huge house to fit my 12x6 snooker table in and have a swimming pool.
California is living in a beach boys past and I am sorry to say it has had its day. You suckers who pay so much to live in a shack can have it
#housing