News From California

[_Brackite]

Pension tsunami crushing California:
http://www.msnbc.msn.com/id/47867952/ns ... alifornia/

California’s Bad Bet Makes JPMorgan’s Look Minor:
http://www.bloomberg.com/news/2012-06-1 ... minor.html


Stockton, California files for bankruptcy:
http://www.reuters.com/article/2012/06/ ... 5120120629

Stockton Files for Bankruptcy Protection:
http://online.wsj.com/article/SB1000142 ... lenews_wsj

Stockton CA Files Bankruptcy, Largest City Ever:
http://unionwatch.org/stockton-ca-files ... city-ever/

[_Brackite]

Rein In Benefits Now and Tax Californians Later:
http://www.bloomberg.com/news/2012-07-0 ... later.html

Jerry Brown won't push pension plan for November ballot:
http://www.sacbee.com/2012/07/11/462263 ... rylink=cpy


San Bernardino seeks bankruptcy protection:
http://www.latimes.com/news/local/la-me ... 6419.story

San Bernardino 2nd Biggest US City Ever To File For Chapter 9:
http://losangeles.cbslocal.com/video/74 ... chapter-9/

Dan Walters: California just as insolvent as bankrupt cities:
http://www.sacbee.com/2012/07/13/462816 ... rylink=cpy

[_Brackite]

Governor Jerry Brown's Tax Initiative is now Proposition 30. It will be on the November Ballot for the People of California to vote on it then.
The Following News Article is from the Sacramento Bee:

California Democratic Party endorses Jerry Brown tax initiative

The California Democratic Party has made its support of Gov. Jerry Brown's tax initiative official.
The party's executive board voted to endorse Proposition 30 at a weekend meeting in Anaheim. The measure would generate an estimated $8.5 billion in revenues assumed in the current state budget by temporarily raising income taxes on high earners and enacting a quarter percent hike in the state sales tax.
The board voted to oppose a rival tax initiative backed by civil rights attorney Molly Munger and the California State PTA. Proposition 38 would raise income taxes on a sliding scale for most Californians, sending the bulk of the revenues to schools and early childhood development programs.
It took no position on Proposition 39, a third tax measure that would raise about $1 billion annually by changing the state's corporate tax formula. The initiative, proposed by hedge fund manager Tom Steyer, would use revenues to fund clean energy projects and provide state budget relief. Speaker John A. Perez has introduced legislation that would make the same change and use the revenues to help California families pay for college.

...

Link: http://blogs.sacbee.com/capitolalertlat ... ative.html


Since I am a register Republican voter of California, I will be voting NO on this Stupid Proposition 30. Pension Reform needs to end up Passing in California, before any more new taxes end up Passing there.

[_Brackite]

The Following is from the GOP of California:

CA GOP Releases Endorsements

...

Proposition 30: Temporary Taxes to Fund Education. Guaranteed Local Public Safety Funding. Initiative Constitutional Amendment. OPPOSE
(Note: The Party officially opposed this initiative at its Spring 2012 Convention)
Proposition 31: State Budget. State and Local Government. Initiative Constitutional Amendment and Statute (Two-year state budget cycle). SUPPORT
Proposition 32: Political Contributions by Payroll Deduction. Prohibitions on Contributions to Candidates. Initiative Statute. SUPPORT
(Note: The Party officially endorsed this initiative at its Fall 2011 Convention)
Proposition 33: Changes Law to Allow Insurance Companies to Set Prices Based on a Driver’s History of Insurance Coverage. Initiative Statute. SUPPORT
(Note: The Party officially endorsed this initiative at its Spring 2012 Convention)
Proposition 34: Death Penalty Repeal. Initiative Statute. OPPOSE
Proposition 35: Human Trafficking. Penalties. Sex Offender Registration. Initiative Statute. SUPPORT
Proposition 36: Three Strikes Law. Sentencing for Repeat Felony Offenders. Initiative Statute. OPPOSE
Proposition 37: Genetically Engineered Foods. Mandatory Labeling. Initiative Statute. OPPOSE
Proposition 38: Tax for Education and Early Childhood Programs. Initiative Statute. OPPOSE
(Note: The Party officially opposed this initiative at its Spring 2012 Convention)
Proposition 39: Tax Treatment for Multistate Businesses. Clean Energy and Energy Efficient Funding. Initiative Statute. OPPOSE
Proposition 40: Redistricting. State Senate Districts. Referendum. SUPPORT

Link: http://www.californiapropositions.org/node/736



I agree with basically every position of theirs on these Propositions, except on Proposition 34. The Death Penalty costs too much money to have in California now, and Proposition 34 should receive a Yes vote on it.
http://www.safecalifornia.org/

If Proposition 34 ends up Passing in California, it will end up saving California some very needed money there.


The GOP of California is exactly right in their opposition to Tax Propositions 30 and 38. Both These Stupid Tax Propositions NEED to be Defeated this coming election in California.

http://soquelbythecreek.blogspot.com/20 ... ernor.html

http://www.lbpost.com/business/20000007 ... -not-taxes

http://www.foxandhoundsdaily.com/2012/0 ... -vacation/

http://www.foxandhoundsdaily.com/2012/0 ... ls-not-so/

http://www.stopprop30.com/

[_Brackite]

Earthquake swarm puts California areas on edge:
http://www.woodtv.com/dpp/news/national ... e_99648573

Cluster of Earthquakes Rattle Southern California:
http://www.slate.com/blogs/trending/201 ... ornia.html


map 4.1 2012/08/29 13:31:00 33.907N 117.787W 9.1 2 km ( 1 mi) N of Yorba Linda, CA

Link: http://earthquake.usgs.gov/earthquakes/ ... s_big.html



The Following News Article is from the Sacramento Bee:

Dan Walters: Pension overhaul plan falls short

...

This week, he embraced a much-weaker version drafted in secrecy by the Legislature's Democratic leaders, who insisted that it is "a strong proposal" (Senate President Pro Tem Darrell Steinberg) and "comprehensive" (Assembly Speaker John A. Pérez).

Brown was only slightly less effusive, calling it a "significant step forward" that will "help to ensure that our public retirement system is sustainable for the long term."

None of the self-praise is warranted. The plan is mostly fluff, such as eliminating "spiking," the buying of "airtime" to boost pensions, and pensions for felons, and placing a theoretical cap on salaries qualifying for defined-benefit pensions that will affect only a tiny number of those on the public payroll.

The new plan's promoters say it will reduce future pension obligations by tens of billions of dollars, but the basis for that assertion is squirrelly, and even if accurate, does little to reduce unfunded liabilities that are at least $250 billion and could be twice as high.

That's the real issue. The stuff that grabs headlines, such as spiking or over-the-top pensions for a few malefactors, doesn't really mean anything.

What's important is what Brown said 10 months ago, that the system is unsustainable, based on pie-in-the-sky assumptions of pension fund earnings and gobbling up ever-larger shares of state and local budgets and thus compelling offsetting reductions in vital services.

Brown's original proposal would have had a minimal effect, at most, on that ever-growing debt, and the one he now accepts would have even less. Rather than take on his fellow Democrats and the state's powerful public employee unions, he meekly accepted a pension reform fig leaf.

Why?

Because neither Brown nor the Democratic legislative leaders were truly interested in overhauling an unsustainable system and preventing its massive debt from falling on future generations. Their goal was to enact something that they could call reform to help pass Brown's tax increase measure, Proposition 30.

A tipoff to that motive is the outpouring of denunciation from the unions. Their harsh criticism of the plan will be used by the tax campaign to make Brown and other Democratic politicians look like they're being tough and courageous on pensions.

Finally, as a statute, the new pension plan could be changed after November's tax election, no matter how it turns out. It's happened before.

...

Link: http://www.sacbee.com/2012/08/31/477445 ... -plan.html



Proposition 30 NEEDS to be Defeated this coming election in California.

http://www.stopprop30.com/

http://www.stopprop30.com/get-the-facts ... and-facts/

http://www.stopprop30.com/news/

http://defeat30.com/

[_Brackite]

California's Pension Dodge:
http://online.wsj.com/article/SB1000087 ... 98208.html

Dan Walters: The dark side of Gov. Jerry Brown's tax plan:
http://www.sacbee.com/2012/09/16/482417 ... d_articles

Editorial: End the death penalty: Yes on Proposition 34:
http://www.sacbee.com/2012/09/14/481872 ... ition.html