PensionTsunami's primary focus is on California's public employee pension crisis, but we also monitor news in other states, keep an eye on the world of corporate pensions, and follow developments in Social Security since it is taxpayers who will ultimately be responsible for making up deficits incurred by any of these retirement plans. We also try to monitor international trends. The editor of PensionTsunami.com is Jack Dean (JackDean-at-PensionTsunami-dot-com).
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By Ed Ring | There are two intertwined themes that define unionized government in California. First, funding government retiree pensions will soak up every new source of tax revenue they will ever collect. Second, cloaking new taxes and fees – and new agencies – in the virtuous raiment of environmentalism will deflect criticism and demonize […]
By Ed Ring | The Commonwealth Foundation, a think tank based in Pennsylvania, has recently released a study entitled “Transforming Labor – A Comprehensive, Nationwide Comparison and Grading of Public Sector Labor Laws.” It ranked every state in terms of the relative power of public sector unions. California, along with tiny Maryland, were the only […]
By Ed Ring | Government unions in California collect and spend over $1.0 billion per year. That’s just government unions. That’s just California. They use a small fraction of this money to engage in collective bargaining. They use about a third of it to engage in politics – that’s nearly $700 million per election cycle. […]
By Ed Ring | Earlier this month the New York Times ran an editorial entitled “When Police Unions Impede Justice.” They make the point that collective bargaining agreements for police employees often make it very difficult to hold police officers accountable for misconduct. When you have nearly 1.0 million sworn police officers in the United […]
By Ed Ring | In the wake of tragic and deadly attacks on police officers, those of us who have never wavered in our support for the members of law enforcement, but have questioned the role of police unions and have debated issues of policy surrounding law enforcement have an obligation to restate our position. […]
By Ed Ring | Imagine for a moment that two premises are beyond serious debate: (1) That there will be another financial crisis within the next five years that will equal or exceed the severity of the one experienced in 2009, and (2) That the political power of public safety unions will prevent local governments […]
By Ed Ring | Remember Bell, California? Back in 2010 the Los Angeles Times reported that Bell city officials were receiving unusually large salaries, perhaps the highest in the United States. For example, Robert Rizzo, the City manager, had received $787,637. By September of that year, as reported on CNN, the California Attorney General filed […]
By Ed Ring | If someone told you that they were going to invest their money, but if that money didn’t earn enough interest, they were going to take your money to make up the difference, would you think that was fair? When it comes to pensions for local government workers, that’s what’s happening all […]
“The creation of the mortgage bond market, a decade earlier, had extended Wall Street into a place it had never before been: the debts of ordinary Americans.” — Jared Vennett (played by Ryan Gosling), The Big Short (2015) By Ed Ring | Along with another superbly authentic movie Margin Call (2011), The Big Short provides […]
By Stephen Eide | In my recent report “California Crowd-Out: How Rising Retirement Benefit Costs Threaten Municipal Services,†I document how rising public pension costs continue to deprive vital public services of funding. There’s only so much room in state and local budgets. When pension costs rise at a rate above revenues, taxpayers can expect […]
