[quote=FlyerInHi][quote=CA renter]For the record, California’s high income tax rate, high fees, etc. are the result of Prop 13. The state lost billions in revenues when Prop 13 passed, so they had to make it up elsewhere.
And since you’re so concerned about taxpayers and the health of state/county/city finances, have you paid back your unearned tax subsidies, yet?[/quote]
You just obviated any argument to repeal prop 13. If the lost billions have been made up, a repeal of prop 13 would amount to a huge tax increase. No way Jose.[/quote]
sigh,… let’s all take another walk down memory lane
[quote=CA renter]
September 4, 2014 – 6:04pm
I don’t get distracted by non-economic issues where politics are concerned. That’s not to say that these issues are unimportant, but that they pale in comparison to economics.
[/quote]
[quote=CA renter]
October 1, 2014 – 9:23pm
Yes, I’ve been following the pension issue for many, many years (far, far, far longer than you have), and I have also worked with negotiating committees and have done research for public employee unions.
for the record, have to say the inability to recognize basic middle school math concepts and their importance as it relates to managing money, sadly isn’t an isolated case,… seems there is a pandemic of being morally and intellectually bankrupt (i.e. dishonest and dumb) WRT basic finance,… perhaps the root cause is some kind of political self interest???
having said my piece, now let’s go back and review (yet again) the basic math concepts which are key to understanding the local pension portfolio “mismanagement”
for three decades plus, the local public pension portfolio custodians (i.e. politicians) have allowed giving away a 13th pension payment (off balance sheet),… basically this is akin to a 13th mortgage payment on a property (which shortens the pay off period and decreases the over-all interest paid), BUT in this case things work in reverse,… in other words the pension debt obligation will increase over time
compounding this basic middle school math “error” is public employ leadership (i.e. public pension recipients) who see no problem w/ not requiring fully funding the portfolio,… this action basically is akin to only paying a “minimum credit card payment” but its important to note that things here are happening on a SUPER SIZED scale!!!
AND let’s not forget we are where we are because those responsible for causing this money management mess are basically morally and intellectually challenged (i.e. dishonest and dumb)
bottom line,… given the “California rule” which implies the tax payers are the designated financial backstop for this whole mess,… means eventually there are some serious consequences for local residents AND if the problem(s) is widespread perhaps it might have serious consequences for civilization as a whole,…
PS one last general observation,… the background knowledge needed to model something as complex/chaotic as climate change or the economy, requires deep knowledge of various fields of study along w/ a basic understanding of how things interact,… what I find ironic is more often than not is politicians and various activists who claim leadership roles,… have in fact the least background knowledge that is required to understand the big picture
