Wednesday, January 11, 2017

Stanford Institute for Economic Policy Research: Sierra Madre's Total Pension Debt Is Now $40 Million Dollars

For video click here.


You can watch last night's City Council meeting by clicking on the above. The city has yet to get the video for the December 13, 2016 City Council meeting posted on their site yet, so you can see that we're quite ahead of the curve here. Last night's affair was fairly short, so you won't have to spend too much of your time witnessing all of the excitement.

As irrelevant to understanding what is actually going on here as most of it might be.

Sierra Madre's Pension Debt Crisis
In case you are wondering why the city is about to raise its water rates yet again, or it appears that there will be some sort of a rather robust tax increase in 2018, you could watch City Council meeting videos and try and find out. Many fine reasons will be given for City Hall's consistent money grab, but are they actually the cause?

I personally doubt it. The actual reason why the city needs more revenue on a consistent basis is its $40 million dollars in overall debt to CalPERS. According to information that has been put together by CALIFORNIA PENSION TRACKER, which is run by Dr. Joe Nation, Project Director for the Stanford Institute for Economic Policy Research (link), Sierra Madre is now carrying over $40 million dollars in pension debt. Here is the chart:


This never comes up at City Council meetings. It won't come up in two weeks when the City Council begins to plan for yet another water rate increase, nor will it be discussed in the run up to 2018's tax increases. Which are sure to happen. Get ready for a postcard deluge.

Sierra Madre's pension debt is the driving force behind the city's constant need for more cash. Trust me, it wasn't all of that deceptive nonsense you were fed by those Yes On UUT people.

If you disagree with me about this, then please let me know what you think the actual reason for the endless City Hall money grab might be. While you're at it perhaps you can also tell folks what last year's utility tax increase is being spent on.

I am all ears. Here is a little bonus reading for you.

Stanford Study Reveals California Pensions Underfunded By $1 Trillion - Or $93k Per Household (Zero Hedge link): Earlier today the Kersten Institute for Governance and Public Policy highlighted an updated pension study, released by the Stanford Institute for Economic Policy Research, which revealed some fairly startling realities about California's public pension underfunding levels.

After averaging $77,700 per household in 2014, the amount of public pension underfunding for the state of California jumped to a staggering $92,748 per household in 2015.  But don't worry, we're sure pension managers can grow their way out of the problem...hedge fund returns have been stellar recently, right?

Stanford University’s pension tracker database pegs the market value of California’s total pension debt at $1 trillion or $93,000 per California household in 2015.

In 2014, California’s total pension debt was calculated at $77,700 per household, but has increased dramatically in response to abysmal investment returns at California’s public pension funds that hover at or below zero percent annual returns.

The Pension Tracker database (www.pensiontracker.org) is maintained by the Stanford Institute for Economic Policy Research (SIEPR) and is intended to help localize pension data by providing the ability to look up the market value of pension debt in any locality in California.

sierramadretattler.blogspot.com

65 comments:

  1. 40 million in calPERS debt, unbelievable! What's it going to take to wake up the residents of Sierra Madre?

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    Replies
    1. They will be waking up when the entire thing collapsed... not a second earlier.

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    2. How many tax increases to save the Library will Sierra Madre residents agree to before they realize they're being lied to?

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    3. I find it interesting that city employees retire, obtain their retirement monies, then come back to work until a replacement employee is located.

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    4. Why wouldn't they? The compensation levels are out of this world. Local government is run for the benefit of the employees, not the people who pay taxes.

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    5. 5:18, one by one, the people who have preserved this place will be bought out, and eventually Sierra Madre will be famous for its money. Like San Marino, the most distinguishing characteristic will be financial.

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    6. there's a can to kick... keep on kickin' it...

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  2. Reading about California's pension problem is like reading about the social security problem. Poorly managed from the start and it only got worse.

    ReplyDelete
  3. Social Security is fine. Where it could go south is if Donny Golden Showers starts handing it over to his Goldman Sachs handlers.

    ReplyDelete
    Replies
    1. TRUMP, RUSSIAN SPIES AND THE INFAMOUS ‘GOLDEN SHOWER MEMOS’
      http://www.newsweek.com/donald-trump-russian-spies-sex-acts-vladimir-putin-golden-shower-fsb-541315

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  4. Not to worry, Wall Street and Trump will fix it!

    ReplyDelete
    Replies
    1. Trump will be lucky to stay out of Leavenworth.

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    2. US Intelligence Just Confirmed Trump Is Being Actively Blackmailed By Russia
      http://occupydemocrats.com/2017/01/10/us-intelligence-just-confirmed-trump-actively-blackmailed-russia/

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  5. Last night we had a glass of wine with some long time friends who were serious Trump supports, as with friends you don't talk about the elephant in the room some times. Think they are feeling the pinch with the possibility of devaluating the US Dollar as they seemed a little gloomy.

    ReplyDelete
    Replies
    1. I've found my friends on the far right are overall happy. It's not like anybody would actually want him to be president, but I sense a definite sense of relief that conservatives are in charge of everything, especially defense.

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  6. Trumps on in 30 dear friends

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    Replies
    1. He will probably be upset. He usually is.

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  7. Attn:Golden Showers Fake News believers. First you really otta splurge and serve your Trump supporter friends a better wine , especially since you all must have watched Obamas good bye swans song. I can't understand that your friends would be gloomy about seeing him go!
    California Pension Plans are the same as Social Security; so I've been told. They are both poorly managed and are in great need of overhaul.

    ReplyDelete
    Replies
    1. Rahhht. The American intelligence community, American news media and American government are not to be trusted. Julian Assange and Vladimir Putin are. Can we round up the Tea Party and send them to Guantanamo? Please?

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    2. "So I've been told" Lol ok as long as you've been told.

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  8. Please report on it later, I am not going to watch it.

    ReplyDelete
  9. Ford Motor Company cancels its plans to build a Billion dollar plant i. Mexico. Thank you President Trump for bring Ford Motor back to Michigan and bringing back Fiat plants back to the United States. All this and nine days until Jan. 20th
    P.S. Mexico now says they are willing to negotiate with President Trump and the building of the wall

    ReplyDelete
    Replies
    1. Mexico Again Tells Trump: There’s ‘No Way’ We’re Paying for the Wall
      http://fortune.com/2017/01/11/donald-trump-wall-mexico/

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    2. 8:33am has heard the voices.

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  10. CNN, BUZZ FEED, AP. All FAKE News organizations. No responcibilty for verification of stories before blasting the American Public with yellow journalism.
    Will "we" now have to re define what information is given to the public? Journalists ethics vs. News Media releases.

    ReplyDelete
    Replies
    1. Russia Today and Tass. Real patriots only belive them.

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    2. Of all the mainstream media Fox is the worst. Statistically proven.

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    3. At Fox it is always open season on blonds. Just ask Roger Ailes and Bill O'Reilly.

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  11. There are many ways to pay.
    If Trump 'encourages' American manufacturers to return from Mexico ,we'll get an even better deal - more employment for tax-paying Americans and a Wall. Win Win .

    ReplyDelete
    Replies
    1. Enjoy your strawberries for 5 USD a piece, when that happens.

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    2. But trump doesn't pay taxes

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    3. At least not to the United States.

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  12. Senate Judicary Hearing on the Nomination of Sen.Jeff Sessions for Atty General.
    Sen.Booker (D-NJ): I know it's unprecedented for a Senator to testify against a Senator; but here goes...
    Patriotism is for all...Fight for Justice for all...All for All...and All for ???

    ReplyDelete
  13. I grow my own strawberries and pick them. Costs me $1.59 Burbee Seeds &she starter plants.
    What are you really trying to say? That growing and picking your own food is beneath you? Do you clean your own tolet or do you consider that someone else should do that for you? Nice, try again Elite.

    ReplyDelete
    Replies
    1. I grow my own strawberries, too. During the summer, it took 18 gallons of water a day to keep one plant alive.

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    2. 18 gallons for one strawberry plant?

      Just rent a garden plot from Sierra Madre city hall. All the water you could want every day at no extra charge. Seriously. I did for years

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  14. 8:11am. Rahhht. You support blackmail, good for you. A leak from American Intelligence is on the level of treason. Maybe like Julian Assange the American "leaker" is being paid a sum of money. Again, both are treason's.

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  15. 12:45 to pay back your student loans and the high cost of day to day living you have to have high paying jobs that the degree gets you. After a 10 hour work day you can pay an expert like your self to clean your house. It's the trickle down affect that keeps the economy going.

    ReplyDelete
  16. You work for 51 years making your house payment, insurance payment, cost of living payments, property tax payments and then you end up on a fixed income that can only pay so much before you are forced out of your home and town because you can't afford it any more. UUT, water and all the other taxes and fees government wants you to pay because they are poorly managing your government is not right. Voters need to know and vote on the facts not the political hype. Until people vote on the facts and truth we are in deep dodo.

    ReplyDelete
    Replies
    1. You should really only buy a house that you can pay off in 15 years and invest the rest for your retirement. Otherwise, you are experiencing the troubles that you mention here. There are a lot of people thinking that they have done everything they were supposed to do and still find themselves in dire straits when it comes to retirement.

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  17. The lights are on but no buddy is home.

    ReplyDelete
    Replies
    1. Take the lampshade off your head.

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  18. The NY Times "goes there" ..... Treason

    Hacking & leaking of Democratic emails was carried out "with the full knowledge & support of Trump"

    The memos describe several purported meetings during the 2016 presidential campaign between Trump representatives and Russian officials to discuss matters of mutual interest, including the Russian hacking of the Democratic National Committee and Mrs. Clinton’s campaign chairman, John D. Podesta.

    If some of the unproven claims in the memos are merely titillating, others would amount to extremely serious, potentially treasonous acts.

    One of the opposition research memos quotes an unidentified Russian source as claiming that the hacking and leaking of Democratic emails was carried out “with the full knowledge and support of TRUMP and senior members of his campaign team.” In return, the memo said, “the TRUMP team had agreed to sideline Russian intervention in Ukraine as a campaign issue” because Mr. Putin “needed to cauterize the subject.”

    https://www.nytimes.com/2017/01/10/us/politics/donald-trump-russia-intelligence.html

    ReplyDelete
    Replies
    1. That would be a classical Putin... He calls this "dialectism".
      The idea is to weaken the US by putting doubt about the legitimacy of the presidential election.

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  19. Per the DWP 10.62 in of rain at Eaton Dam this season(since 10-1-16 start of rainy season) a good start. http://www.ladpw.org/wrd/precip/

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  20. I doubted Obama's Presidency for eight years. Now I know the Russians spies were hard at work. They suckered just about the whole Country. Good thing Obama discovered this hacking two weeks before leaving office, who knows how many years this might have gone on. Now he can add that to his "the things I accomplished while in office" memoirs.

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    Replies
    1. The hacking happened during the election. Don't be a fool.

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  21. Again Snowflake, you're admitting to be an Elite!

    ReplyDelete
    Replies
    1. Apparently an "elite" is anyone that doesn't blindly accept Russian propaganda as the gospel truth.

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    2. The worst thing about our political situation is the inversion of the meaning of words, so that a trust fund baby member of the elite is somehow no longer elite.
      This fake speech is profoundly destructive, and we all might as well be in the Ministry of Truth.

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  22. You just can't make this stuff up!
    Leon Panetta says that the President Elect should take the Intelligence Agency seriously since he used to head up a division...
    This from a guy that's DNC password was password!
    Drain the swamp.

    ReplyDelete
    Replies
    1. Sure you can make this stuff up. You just did!

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    2. It's hopeless!! The planet has humans who use the phrase "drain the swamp" and "make America great again". All these hillbillies fell for all of orange mans rhetoric. Someone hit the reset button.

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    3. I can't wait until the videos emerge. My guess is we won't have to wait long.

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  23. 3:42,,,, what if you only qualified for a 30 yr. loan. Numbers work out over 30 years then you have more money to invest in retirement. Those numbers worked in the 60's & 70's, before government gave out the golden parachute pensions. People are living longer than back in the beginning of retirement many years ago, time to rewrite those pension contracts or like Bush wanted to do, have people manage their own retirements with 401's or plain stock market investments. What a disaster that would have been.

    ReplyDelete
    Replies
    1. My advice to those who only qualify for a 30 yr. loan would be to buy a smaller home or get a second job.

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  24. All of the above, the more you make the more they take. SM government needs to function on a 15 yr. loan bases then they wouldn't need to lie for more money. I think 6:13 needs to go down to city hall and advise them.

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    Replies
    1. I suspect that they would not listen.

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  25. Hey Mod, is the Encinitas decision being made tonight? Any news yet?

    ReplyDelete
    Replies
    1. Go to the Encinitas Undercover blog. They're live streaming it. I am still at work, but apparently the candidates are pleading their cases now.

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    2. Thanks.
      I think I'll wait a while before I look - more Joe drivel is not something anyone in this household needs to hear.

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    3. I couldn't find the link on the Encinitas blog, but there are some interesting comments. A little surfing and I found the meeting:
      http://encinitas.granicus.com/MediaPlayer.php?publish_id=2

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  26. Good God, Joe was appointed to the Encinitas City Council.

    ReplyDelete
    Replies
    1. The fix had to have been in. Local political power sucking up to development money is my guess. Poor Encinitas.

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