KARL ROVE: Labor's Desperate Last Stand Is On Full Display After Wisconsin Protests,
Ohio's Governor Moves Against Unions
The reform goes further than Wisconsin's.
How To Read Karl Rove
Frente Recaudador GOP.
2012 Elections: Republican anxiety building over crop of candidates
Frente Propaganda Virtual Sucia.
Ind. prosecutor urged fake attack, resigns
…"a good opportunity for what's called a 'false flag' operation."
"If you could employ an associate who pretends to be sympathetic to the unions' cause to physically attack you (or even use a firearm against you), you could discredit the unions," Lam said in the e-mail.
The e-mail was sent the same day another Indiana law enforcement official tweeted a suggestion that police "use live ammunition" against protesters in the Wisconsin Capitol.
That official, Jeffrey Cox, was fired from his position as deputy state attorney general.
Frente del Deficit
It’s been called California’s other budget deficit.
And it certainly hasn’t had near the attention of the state’s $25.4 billion budget gap between revenue and spending commitments.
But it’s almost as dire.
The fund had a deficit of $10.3 billion in
Although California has by far the largest outstanding loan balance – more than double that of Michigan, the next closest state at $3.9 billion – it certainly is not alone.
As of March
Among states with multi-billion borrowings are
At the same time their unemployment insurance funds crater, so do their budgets.
These shortfalls, as
Nationwide in the fiscal year ending June 30, states posted a record $191 billion in cumulative budget shortfalls, according to a March 2011 report by the
The state Financial Control Board warned Thursday that this year's proposed cuts to New York City services are just the beginning, and residents should expect deeper reductions in the coming years.
The yearly report is prepared by the board's longtime staff of economists and analysts, and Sommer said he believes it is politically impartial.
But the findings did seem to bolster the agendas of at least two of the board's members: Bloomberg and Gov. Andrew Cuomo, who have argued that pension and benefit costs for government workers have become unsustainable.
The state and city comptrollers and three private citizens who are longtime members make up the rest of the board, which had veto power over the city budget following the fiscal crisis of the 1970s but now serves only an advisory role.
The city has said pension contributions, debt service, health care, court judgments and settlements are expected to grow almost 8 percent annually over the next five years, while other costs would grow less than 1 percent a year.
The board's analysis projects a $5.7 billion city budget shortfall in the fiscal year starting July 1, 2012, rising to a shortfall of more than $6 billion two years later.
That's about $1 billion more than the mayor's projections.
Bloomberg has been pushing state legislators to give the city the right to negotiate cutbacks to pensions, which are currently the domain of the state government.
Gov. Andrew Cuomo is proposing several measures to cut what he calls an unsustainable level of spending on the state workforce of 170,000. Among his targets: spending on pensions and retiree health care.
City Council votes to put off LAPD hiring
A three-month freeze is approved to help ease L.A.'s budget shortfall, but it reduces the number of sworn officers below the minimum the police chief says is necessary.
The City Administrative Officer is projecting a budget deficit for the fiscal year beginning July 1, 2011 of $350 million.
However, this budget gap will most likely increase to $475 million due to a shortfall in projected revenue ($100 million per the Controller) and higher net pension contributions ($25 million).
This may be a low ball estimate as the City is pulling an Enron and “cooking the books.”
The City conveniently neglects to consider the costs associated with maintaining and repairing the City’s lunar cratered streets and its other infrastructure and with properly funding its two major pension plans, the Los Angeles City Employees Retirement System and the Fire & Police Pension Plans.
In the real world, the City’s budget deficit is north of $1 BILLION (23% of General Fund Revenues) when you factor in the real costs associated with our infrastructure (streets, sidewalks, street lights, parks, buildings, bridges, sewers, storm water systems, IT systems, etc.) and with the pension plans that are underfunded by $11.7 billion (64.6% funded) as of June 30,2011.
The Mayor’s Investor Presentation just confirms that the City has no clue on how to solve the looming financial crisis: chronic deficits, a Third World Infrastructure, and massive unfunded pension liabilities.
Even more frightening, there are no details on how to approach or even solve the problem.
It is no wonder that many consider the City a junk credit. And what is even more amazing is that Moody’s, S & P, and Fitch rate the City as an investment grade credit.