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San Diego City Employees pension fund ailing
Let me respond to these questions; 1-Isn't is true bankruptcy will not change the obligations of SDCERS for current employees? BK will absoletely change the obligations and pensions for all employees, past and present (and future). The pension benefits will be lowered to an amount the City can pay and still provide for basic services. Airline pilots saw their pensions cut in half when American, Continental, and United all filed BK. Vallejo retirees are being represented as their own class in the Vallejo BK pending in sacramento and they will be getting a pension haircut. 2- Hasn't the City already reduced the pension benefit promises for new employees? I do not know about all employees-but they did not lower the pubic safety 3%@50 at all-and that is by far the largest drain from pensions. I have not heard of any two tier pension plan being introduced for new employees. I follow the issue closely and am pretty sure the pensions have not changed for new employees. 3- If the City does declare bankruptcy (I believe it will if the current economic condition continue for more than a year) won't the courts, not the taxpayers, restructure its debt rather than dispose of it? Yes, the court will declare what is appropriate after reviewing the financial condition. In Vallejo the Court has given the City and public unions several months to work out a new deal on their own or he will make the decision for them. so far the two sides have come up with zero-and I am positive the judge will be the one who comes up with the changes-currently set for hearing in early February 2009. He will void the contracts-including pension obligations-and declare what the new obligation to the city will be. 4- Is it true the court can force several solutions while it works on resolving Municipal bankruptcies. Could those methods in a balanced approach be increasing taxes and fees while reducing wages and benefits to current employees at the same time? Can the judge make cuts and raise taxes to fix the mess...Hmmm.....I don't know, and the reason is because in order to raise taxes in CA there is a constitutional requirement of a 2/3's majority (Prop 13), but generally speaking judges have vast discretion in crafting a solution so I would guess they would have the power to raise taxes under the Supremacy Clause. Good question.— December 31, 2008 2:26 p.m.
San Diego Home Prices Back to Levels of March '03, Down 36% from '05 Peak
Thefact is the majority of San Diegans do not make enough to even pay for basic health care, much less save anything. What is the median income here-$33K per year???? Take home would be $21K or $22K.— December 31, 2008 11:31 a.m.
San Diego City Employees pension fund ailing
BTW- no one wants to file BK-but if it is a choice between paying out billions to gov emloyees who did not earn their pension.. on the backs of the poor and middle class, then BK is the answer .....and yes, I will support that any day of the week as would 90% of taxpayers-the nly ones who wouldn't 9or who ask for tax increases) are the gov employees benefitting from the scam.— December 31, 2008 11:28 a.m.
San Diego City Employees pension fund ailing
I'd like to pose some final "What if" questions. I do it for of our prolific poster Johnny V and his mantra of bankruptcy. What if the City's underfunding turns out to be financial stroke of luck? I’d never call it genius! With many investment vehicles severely beaten down, SDCERS can purchase them during the period of amortization. Combine them with its long term horizons holds and we’ll ride out this perfect storm. ============================ Thanks for the support JW. Here- why dont we do this with your "what if" question-lets give all the GED educated $200K per year government welfare queens all the money from their pension fund they want-and let them guarantee it. You want to make high risk speculative investments like with Amaranth (sp??)-go for it-but you also take all the downside when your scams go elly up-no taxpayer to leech off of when your pie in the sky scams backfire. How does that deal sound????? You are no different than JF-you want to be gifted wealth you didn't earn-and that is all the current pension system does. You did NOT earn your pension.— December 31, 2008 11:26 a.m.
San Diego City Employees pension fund ailing
I see JF is nowhere to be found with his "the pension fund is sound" nonsense that he usually spills.— December 30, 2008 4:41 p.m.
Teachers and Bumper Stickers
Freedom of speech is not against the law. ================================ Speech can be vastly curtailed in a school setting, and the "freedom" is limited. Not saying it is right or wrong-but that is the law. Courts give great deference to the administration of a school. As for a teacher being a porn star or stripper-it reminds me of that kid flick Varisty Blues with james Van derbeek. Their HS teacher was some hottie that worked the stripper pole at night......lol.— December 30, 2008 4:39 p.m.
Cheap History
I saw Cheap Trick at the Warfield Theaer in San Francisco around 80/81, and they put on on of the best shows i have ever seen. The Warfield was a beautiful theater on market street in downtown SF's financial district. The drummer for Cheap Trick was Bun E Carlos as I recall and he was the best drummer I have ever seen to this day. I also saw another show down the street that year at the SF Civic Center-The J Giles band, who were also awesome, and their opening act was also vey impressive even though they only had one hit at that time and this was their first US tour-their name was U2, and their hit was New Years Day.— December 30, 2008 4:34 p.m.
San Diego City Employees pension fund ailing
Don, has the pension fund's funding level dropped below 50% yet????? We need to impeacj KFC Sanders-he is causing more damage by not declaring BK 4 years ago or even right now.— December 30, 2008 2:45 p.m.
San Diego City Employees pension fund ailing
"...the coming year “will be most challenging and these extraordinary times mandate some discussion in coming months.” Hmmm. ======================== OMG is that a good one! Challenging is a code word for bankruptcy........— December 30, 2008 2:43 p.m.
San Diego Home Prices Back to Levels of March '03, Down 36% from '05 Peak
The bubble in real estate is the root cause of our meltdown, maybe this is the hard medicine we need-but it is going to take years to work. I am worried about our country and woried about the future -especially the young and the poor.— December 30, 2008 8:14 a.m.