San Bernardino city attorney to citizens: “Lock your doors and load your guns”

Discussion in 'Politics' started by Listening, Oct 23, 2012.

  1. Listening
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    Listening Gold Member

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    Pension Showdown Brewing in California | Via Meadia

    The Wall Street Journal reports that San Bernardino, which filed for bankruptcy two months ago, has missed a $5.3 million payment to Calpers, the state pension fund, and is projected to miss further payments in the future. This is the first time a California city has refused to make its payments. Amid the subsequent confusion, both sides are digging in their heels:

    “I don’t look at Calpers as being any different than any other creditor,” said Jim Morris, chief of staff to San Bernardino Mayor Patrick Morris.

    Calpers argues that it cannot forgive or reduce a city’s pension contributions. The city of 213,000 people is effectively violating state law by stopping its pension payments, a Calpers spokesman said in an email.

    Calpers, for its part, is looking to avoid a showdown with one of the state’s largest cities, but San Bernardino’s finances are in such bad shape that it may be unavoidable:
    Pension officials said they would attempt to help San Bernardino get back on track, as the fund has done with other cities that fall behind. One option is to increase the amortization period of the obligations, a step that stretches out the payment period for cities.
    But San Bernardino’s options may be limited. The city already amortizes its public-safety pension obligations over 30 years, the maximum allowed. Ms. Norris said it was rare for cities to become delinquent on their pension bills.

    The stakes here are high for both parties. San Bernardino is desperate to save money anywhere it can, and pension contributions are among its largest costs. Calpers, meanwhile, wants to avoid setting a dangerous precedent that cities in trouble can refuse payments. There are plenty of distressed cities throughout the state, and they will be watching this showdown closely. If San Bernardino can get off without making payments, other cities will expect the same treatment, leaving Calpers with a serious crisis on its hands.

    ********************

    This is political.

    This is what is going to start happening in many cities as they simply can't meet theri obligations.

    I don't gloat.....but there is simply no way you can run things the way they have and expect the books to stay balanced.
     
  2. Sinjorri
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    Sinjorri Senior Member

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    the people should also be warned of this and have to suffer because they voted for this crap.
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    My Sister works for Pomona and I know CalPers has been having problems since at least 2007 and they haven't done anything about it since. They never will.

    Prediction:US Gov't, or Foreign Bank, steps in and buys them for pennies on the dollar.
     
  4. OKTexas
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    OKTexas New Life Member of the NRA 12/15 Supporting Member

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    CA and other mismanaged states will come to the feds for a bailout and should be told to piss up a rope. They can't strap the rest of us with their problems. It's not great for the folks affected, but they voted in the politicians that mismanaged their affairs, elections do matter, and some time you pay the price.
     
  5. Clementine
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    Clementine Platinum Member Supporting Member

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    California, in general, seems to be running out of taxpayers. With more and more people retiring and expecting pensions, how can any state keep up if welfare rolls also grow and less people are paying taxes? It's a lot like social security. Unsustainable in the long run.
     
  6. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Each Democrat in California should be reduced to 1/2 of a full vote...

    because they are 1/2 wits...just sayin.

    The unions & politicians have killed the, "Golden Goose" ..they deserve zero benefits because of their greed.. now
     
    Last edited: Oct 23, 2012
  7. IHBF
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    IHBF BANNED

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    CA is done. It's a sinking ship. Another failed liberal experiment.

    Just time now.

    Problem: fucks are bailing and moving to other states and petitioning for the same policies that destroyed CA in their new state.

    Look CA transplants. We welcome you. Just dont vote.
     
  8. Sinjorri
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    Sinjorri Senior Member

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    im sure after Christie is done here in Jersey the libs wil be back on track destroying our state too. I feel for whatever state you are in.
     
  9. IHBF
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    IHBF BANNED

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    I actually lived in CA for 10 years (moved there from PA).

    Currently in Texas. I think we are safe for a while.
     
  10. Sinjorri
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    Sinjorri Senior Member

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    good state to be in, glad you got out of CA? where at in PA? do you miss it,?
     

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