The California Public Employees’ Retirement System (CalPERS) is about to have a deficit of $139 billion, which is up almost $50 billion from only 3 years ago. It has been hinted at that California taxpayers’ will either receive fewer public services or have to pay higher taxes until CalPERS can be completely funded again. Click Here to […]
The Orange Country Register reports that healthcare costs are going to rise 13%, this is much higher than the original 4% estimated hike. This is due to the requests of Anthem Blue Cross and Blue Shield of California, which requested for 16% and 19% increases respectively. All other companies requested something much lower than the accepted 13% […]
The Fresno Bee tells of how during the Davis and Schwarzenegger governorships, California raised a huge debt paying out to the Unemployment Insurance System. California’s are now paying the price. Click here to read the article.
Fortune magazine reports that there is a trillion dollar shortfall affecting pensions. A study by the Hover Institute, indicates that governments are borrowing from workers and promising to repay those debts once those workers retire; however, because there is an assumption of high rates of return the accounting standards allow the bulk of this debt to […]
California property tax receipts for this year will exceed $60 billion, twelve times the amount taken in before Proposition 13, writes Dan Walters in the Sacramento Bee. Walters says this 6 percent increase in property tax revenues shows property taxes generate a steady stream of valuable income to support local services and disprove unfounded arguments […]
California pensions are starting to outpace the national state average, leading many to question why Californians’ tax revenue is increasingly going to pensions. Some critics have stated that an “unsustainable increase” was given to police and firefighter pensions after the Highway Patrol was given a larger-than-normal increase in 1999. Click here to read the article on Union […]
California faces serious problems such as high unemployment, an exodus of businesses in response to high taxes and burdensome regulations, and a severe water shortage, but policymakers have failed to adequately respond to these challenges, writes Victor Davis Hanson in the Columbus Dispatch. Instead, policymakers have practiced escapism, focusing their attention on issues such as […]
Covered California’s recently released budget proposal for the new fiscal year projects 8 percent premium increases in 2017, followed by 5 percent yearly increases until 2020. Some states are projecting increases of 20 percent or more, but analysts say reforms such as reducing regulations could help keep premiums down, reports Heartland.org. Click here to read […]
A recent survey of 12,000 small business owners gave California an “F” rating in business friendliness, with only Connecticut and Illinois scoring worse. The Riverside Press Enterprise says California policymakers should address the burdensome regulations and high taxes causing an exodus of jobs from the state. Click here to read the article.
Labor groups that campaigned for a $15 minimum wage had promised the policy would benefit taxpayers by reducing the number of people on government assistance, but recently released budget projections reveal higher wages to government workers will cost taxpayers $3.4 billion in 2016-2017, writes Michael Saltsman in the Orange County Register. Click here to read […]