[quote] California governor gets vaccine tour boost as recall looms
SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has spent the past two weeks doing a vaccination road show, traveling to inoculation sites to tout the state’s rapidly improving coronavirus numbers and efforts to build an infrastructure to provide millions of shots every week.
It’s a good showcase for the governor who is barely two years into his first term but has seen his popularity fall and a recall election become increasingly likely.
The six-stop tour serves the dual purpose of informing the public about his administration’s vaccination efforts while presenting a campaign-friendly image of an in-charge executive.
[quote] San Diego council president calls recall campaign against her reckless, divisive, expensive
SAN DIEGO — San Diego Councilwoman Dr. Jennifer Campbell says the recall campaign against her is reckless, divisive, expensive and a distraction from city efforts to cope with the COVID-19 pandemic and its consequences.
…The recall campaign has until early June to collect more than 14,000 signatures from registered voters in coastal District 2, which Campbell has represented on the council since ousting Republican incumbent Lorie Zapf in 2018.
wondering what others think of the various recall efforts
gzz
February 19, 2021 @
10:22 AM
When I had a city issue Jen When I had a city issue Jen Campbell’s staff, specifically her OB specialist Teddy, handled it completely and above expectations.
The recall as far as I can tell is by people who want to completely ban AirBNBs. That’s a violation of property rights as well as the CCC Act, which requires affordable short term accommodations on the coast. In the past, the CCC has sued and won against cities that banned short term rentals.
Her proposed compromise is still IMO too restrictive, but it certainly is a major restriction compared to now. It seems like most AirBNB issues are with people who have dozens of listings. I think capping listings per person, not listings total, is the best solution.
phaster
March 2, 2021 @
3:20 PM
the recalls IMHO are a the recalls IMHO are a symptom of people feeling sorta powerless because of the pandemic and wanting to do something
eventually the pandemic will end one way or another as it did “naturally” w/ the 1918 spanish flu (w/ herd immunity) or because science has advanced so there are now various vaccines
point being at some point the pandemic will have run its course and no longer be a factor,… yet what people/voters don’t seem to realized is the financial mismanagement created by political leadership (at various levels)
when faulconer was mayor seems he turned a blind eye to a “yuge” fiscal mismanagement issue
so we now have at the helm one of the idiots who had a hand in causing the problem(s) in the first place,…
[quote] ‘…in 2008, by ordinance, the Council eliminated “the concept of Surplus Earnings” because it was not consistent with sound actuarial principles and because it was being used for certain payments, which were not consistent with federal tax law or state law requirements to assure the competency of the assets of SDCERS. SDMC § 24.1501.’
The use of so called ‘excess’ The use of so called ‘excess’ money in the pension fund shows how clueless those involved are about how pension and retirement funds are actually run (successfully). In investing; there are ‘lean’ years and there are ‘fat’ years – it is not ‘normal’ years and ‘fat’ years.
The idea is that the ‘fat’ year fills in the ‘lean’ year and then would create two ‘normal’ years (using an extremely simplified explanation).
By spending the so called ‘excess’ from the ‘fat’ year, they prevented filling in the lean year(s).
The thing I find interesting and simultaneously disturbing in all of this is that the US is founded on the principle of a government that is ‘of and for the people’, not for the primary benefit of the members of government. How many people in the non-governmental world actually have pension benefits that also include health care? .. and incidentally paid for by the people outside of government. This is almost like an ‘special class’ of governmental employees – which was against the principles of the founders of this nation.
My personal opinion on pensions as they currently stand is that they should be abolished. There is a considerable amount of insider shenanigans in pension systems and for the most part, their returns really suck (couldn’t think of a more polite way to say it). Most pension systems have returns that do not get close the that of the S&P 500 index, much less the NASDAQ 100.
gzz
March 3, 2021 @
4:31 AM
Outside of government and a Outside of government and a tiny sliver of unionized private sector, defined benefit pensions are dead for people under 50 or so. Even red state government jobs have mostly done away with them.
I suppose there are tax shelters that use the defined benefit pension form, but they are for business owners and their employee—relatives.
phaster
March 6, 2021 @
3:52 PM
ucodegen wrote:The thing I [quote=ucodegen]The thing I find interesting and simultaneously disturbing in all of this is that the US is founded on the principle of a government that is ‘of and for the people’, not for the primary benefit of the members of government. How many people in the non-governmental world actually have pension benefits that also include health care? .. and incidentally paid for by the people outside of government. This is almost like an ‘special class’ of governmental employees – which was against the principles of the founders of this nation.
My personal opinion on pensions as they currently stand is that they should be abolished. There is a considerable amount of insider shenanigans in pension systems and for the most part, their returns really suck (couldn’t think of a more polite way to say it). Most pension systems have returns that do not get close the that of the S&P 500 index, much less the NASDAQ 100.[/quote]
the thing I find interesting and simultaneously disturbing is those on the left of the political spectrum all seem to gleefully note that TRUMP had a bunch of cult followers who didn’t see that the guy was an opportunist who milked the system every time he had a chance AND basically ignored the science (which does not align w/ his worldview)
I point out TRUMPs disdain for hard facts and his personality trait of seeking financial self interest because seems gloria and the the city council are acting just like TRUMP in that they are ignoring the root cause problem of the SD budget shortfall (which is the mismanaged pension portfolio),… while at the same time saying nothing about their own great wage increases (i.e. milking the system for their own financial gain)
[quote] Carl DeMaio calls on Todd Gloria and City
Council to turn down massive salary increase
Mayor Todd Gloria is set to earn a salary of $206,000 per year, more than double what Mayor Kevin Faulconer’s salary of $101,000.
San Diego City Council member salaries will increase from $75,000 per year, to $124,000 per year.
in the KUSI interview (posted on YouTube) you’ll see DeMaio say
[quote] “…in 2009 when I was sworn in to the city council we faced a massive fiscal crisis
on day one I cut my compensation by 22 percent, rejecting the auto allowance and politicians pensions
and at the time they said I don’t know if you can do that
of course I said I can, anyone can decline something and we got the lawyers to basically agree that the mayor and council can at any time turn down any portion of the compensation
and that is what I’m calling the mayor todd gloria to do”
what other logical explanation is there for reoccurring stuff like yet another extra annual bonus pension payment (in FY 2020) when the portfolio underperformed the benchmark AND BILLION$ of taxpayer debt obligations???
[quote] …San Diego’s pension debt has climbed past $3 billion for the first time, forcing the city to increase its annual pension payment by more than $11 million this year despite a projected budget deficit of $84 million.
The climb past $3 billion continues a long and steady series of increases for the pension debt, which was $1.2 billion in 2007.
FWIW in todays UT there was a editorial cartoon (which applies to various issues) that perfectly captures the selective political hypocrisy I find interesting and simultaneously disturbing
sigh,…
brg654
March 24, 2021 @
9:38 PM
it’s the low interest rate it’s the low interest rate environment that causes pension shortfalls.
TL;DR: it’s (complicated, but not rocket science) math.
pension funds are managed using techniques called ALM (asset-liability management) or LDI (liability driven investing). using the plan’s benefits and workforce demographics, you project future payout cash flows (liabilities) for the pension plan. you then discount those cash flows back to present value, and i believe the accounting laws specify that you must discount using the 10-year treasury rate as your discount rate. when the 10 year treasury rate goes down, as has been the case for most of the last 40 years, the present value of your liabilities increases.
meanwhile, you should be matching liability cash flows (or durations). as interest rates fell, reinvestment risk was realized as cash received by the plan could only be put to work at a lower yield. the solution? invest in higher-yielding (riskier) assets, often equities. because equities have a duration of 0, this creates a duration mismatch between plan assets and liabilities, so as interest rates fall more, the present value of liabilities grows faster than the present value of assets, leading to an unfunded pension plan.
February 19, 2021 @ 8:26 AM
given
Quote:
California
given
[quote]
California governor gets vaccine tour boost as recall looms
SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has spent the past two weeks doing a vaccination road show, traveling to inoculation sites to tout the state’s rapidly improving coronavirus numbers and efforts to build an infrastructure to provide millions of shots every week.
It’s a good showcase for the governor who is barely two years into his first term but has seen his popularity fall and a recall election become increasingly likely.
The six-stop tour serves the dual purpose of informing the public about his administration’s vaccination efforts while presenting a campaign-friendly image of an in-charge executive.
https://apnews.com/article/gavin-newsom-california-coronavirus-pandemic-recall-elections-elections-b858d80f90ddbc5298531feaf84f0484
[/quote]
[quote]
San Diego council president calls recall campaign against her reckless, divisive, expensive
SAN DIEGO — San Diego Councilwoman Dr. Jennifer Campbell says the recall campaign against her is reckless, divisive, expensive and a distraction from city efforts to cope with the COVID-19 pandemic and its consequences.
…The recall campaign has until early June to collect more than 14,000 signatures from registered voters in coastal District 2, which Campbell has represented on the council since ousting Republican incumbent Lorie Zapf in 2018.
https://www.sandiegouniontribune.com/news/politics/story/2021-02-17/san-diego-council-president-calls-recall-campaign-against-her-reckless-divisive-expensive
[/quote]
wondering what others think of the various recall efforts
February 19, 2021 @ 10:22 AM
When I had a city issue Jen
When I had a city issue Jen Campbell’s staff, specifically her OB specialist Teddy, handled it completely and above expectations.
The recall as far as I can tell is by people who want to completely ban AirBNBs. That’s a violation of property rights as well as the CCC Act, which requires affordable short term accommodations on the coast. In the past, the CCC has sued and won against cities that banned short term rentals.
Her proposed compromise is still IMO too restrictive, but it certainly is a major restriction compared to now. It seems like most AirBNB issues are with people who have dozens of listings. I think capping listings per person, not listings total, is the best solution.
March 2, 2021 @ 3:20 PM
the recalls IMHO are a
the recalls IMHO are a symptom of people feeling sorta powerless because of the pandemic and wanting to do something
eventually the pandemic will end one way or another as it did “naturally” w/ the 1918 spanish flu (w/ herd immunity) or because science has advanced so there are now various vaccines
point being at some point the pandemic will have run its course and no longer be a factor,… yet what people/voters don’t seem to realized is the financial mismanagement created by political leadership (at various levels)
https://www.piggington.com/node/27312?page=2#comment-292735
consider our termed out mayor (who is now running for the governors office)
https://wealthnewsletterdaily.com/2021/03/02/donald-trump-jr-is-sniping-at-newsom-recall-candidate-kevin-faulconer-for-not-being-loyal-enough/
when faulconer was mayor seems he turned a blind eye to a “yuge” fiscal mismanagement issue
so we now have at the helm one of the idiots who had a hand in causing the problem(s) in the first place,…
[quote]
‘…in 2008, by ordinance, the Council eliminated “the concept of Surplus Earnings” because it was not consistent with sound actuarial principles and because it was being used for certain payments, which were not consistent with federal tax law or state law requirements to assure the competency of the assets of SDCERS. SDMC § 24.1501.’
http://www.SanDiegoDebtBomb.com
[/quote]
March 2, 2021 @ 6:53 PM
The use of so called ‘excess’
The use of so called ‘excess’ money in the pension fund shows how clueless those involved are about how pension and retirement funds are actually run (successfully). In investing; there are ‘lean’ years and there are ‘fat’ years – it is not ‘normal’ years and ‘fat’ years.
The idea is that the ‘fat’ year fills in the ‘lean’ year and then would create two ‘normal’ years (using an extremely simplified explanation).
By spending the so called ‘excess’ from the ‘fat’ year, they prevented filling in the lean year(s).
The thing I find interesting and simultaneously disturbing in all of this is that the US is founded on the principle of a government that is ‘of and for the people’, not for the primary benefit of the members of government. How many people in the non-governmental world actually have pension benefits that also include health care? .. and incidentally paid for by the people outside of government. This is almost like an ‘special class’ of governmental employees – which was against the principles of the founders of this nation.
My personal opinion on pensions as they currently stand is that they should be abolished. There is a considerable amount of insider shenanigans in pension systems and for the most part, their returns really suck (couldn’t think of a more polite way to say it). Most pension systems have returns that do not get close the that of the S&P 500 index, much less the NASDAQ 100.
March 3, 2021 @ 4:31 AM
Outside of government and a
Outside of government and a tiny sliver of unionized private sector, defined benefit pensions are dead for people under 50 or so. Even red state government jobs have mostly done away with them.
I suppose there are tax shelters that use the defined benefit pension form, but they are for business owners and their employee—relatives.
March 6, 2021 @ 3:52 PM
ucodegen wrote:The thing I
[quote=ucodegen]The thing I find interesting and simultaneously disturbing in all of this is that the US is founded on the principle of a government that is ‘of and for the people’, not for the primary benefit of the members of government. How many people in the non-governmental world actually have pension benefits that also include health care? .. and incidentally paid for by the people outside of government. This is almost like an ‘special class’ of governmental employees – which was against the principles of the founders of this nation.
My personal opinion on pensions as they currently stand is that they should be abolished. There is a considerable amount of insider shenanigans in pension systems and for the most part, their returns really suck (couldn’t think of a more polite way to say it). Most pension systems have returns that do not get close the that of the S&P 500 index, much less the NASDAQ 100.[/quote]
the thing I find interesting and simultaneously disturbing is those on the left of the political spectrum all seem to gleefully note that TRUMP had a bunch of cult followers who didn’t see that the guy was an opportunist who milked the system every time he had a chance AND basically ignored the science (which does not align w/ his worldview)
I point out TRUMPs disdain for hard facts and his personality trait of seeking financial self interest because seems gloria and the the city council are acting just like TRUMP in that they are ignoring the root cause problem of the SD budget shortfall (which is the mismanaged pension portfolio),… while at the same time saying nothing about their own great wage increases (i.e. milking the system for their own financial gain)
[quote]
Carl DeMaio calls on Todd Gloria and City
Council to turn down massive salary increase
Mayor Todd Gloria is set to earn a salary of $206,000 per year, more than double what Mayor Kevin Faulconer’s salary of $101,000.
San Diego City Council member salaries will increase from $75,000 per year, to $124,000 per year.
https://www.kusi.com/carl-demaio-calls-on-todd-gloria-and-city-council-to-turn-down-massive-salary-increase/
[/quote]
in the KUSI interview (posted on YouTube) you’ll see DeMaio say
[quote]
“…in 2009 when I was sworn in to the city council we faced a massive fiscal crisis
on day one I cut my compensation by 22 percent, rejecting the auto allowance and politicians pensions
and at the time they said I don’t know if you can do that
of course I said I can, anyone can decline something and we got the lawyers to basically agree that the mayor and council can at any time turn down any portion of the compensation
and that is what I’m calling the mayor todd gloria to do”
http://www.youtube.com/watch?v=qidprmT32WE&t=2m00s
[/quote]
sadly RE deal “shenanigans” AND no talent ass clown mis-management is “business as usual” in this city
https://www.piggington.com/goodbye_san_diego?page=3#comment-292747
what other logical explanation is there for reoccurring stuff like yet another extra annual bonus pension payment (in FY 2020) when the portfolio underperformed the benchmark AND BILLION$ of taxpayer debt obligations???
[quote]
…San Diego’s pension debt has climbed past $3 billion for the first time, forcing the city to increase its annual pension payment by more than $11 million this year despite a projected budget deficit of $84 million.
The climb past $3 billion continues a long and steady series of increases for the pension debt, which was $1.2 billion in 2007.
http://www.sandiegouniontribune.com/communities/san-diego/story/2020-01-11/san-diego-pension-debt-climbs-past-3b-for-first-time
[/quote]
http://www.youtube.com/watch?v=9BqC_f4gwzw
http://www.youtube.com/watch?v=Lsa4HfNjUIo
FWIW in todays UT there was a editorial cartoon (which applies to various issues) that perfectly captures the selective political hypocrisy I find interesting and simultaneously disturbing
sigh,…
March 24, 2021 @ 9:38 PM
it’s the low interest rate
it’s the low interest rate environment that causes pension shortfalls.
TL;DR: it’s (complicated, but not rocket science) math.
pension funds are managed using techniques called ALM (asset-liability management) or LDI (liability driven investing). using the plan’s benefits and workforce demographics, you project future payout cash flows (liabilities) for the pension plan. you then discount those cash flows back to present value, and i believe the accounting laws specify that you must discount using the 10-year treasury rate as your discount rate. when the 10 year treasury rate goes down, as has been the case for most of the last 40 years, the present value of your liabilities increases.
meanwhile, you should be matching liability cash flows (or durations). as interest rates fell, reinvestment risk was realized as cash received by the plan could only be put to work at a lower yield. the solution? invest in higher-yielding (riskier) assets, often equities. because equities have a duration of 0, this creates a duration mismatch between plan assets and liabilities, so as interest rates fall more, the present value of liabilities grows faster than the present value of assets, leading to an unfunded pension plan.
source: my job involves this stuff