Selling up to $5 billion in bonds could either place Alaska further in the red or, as State officials hope, successfully decrease the multi-billion dollar pension unfunded liability. (This is a repost of an article we posted in June 2010)
In 2008, the Alaska Legislature passed House Bill 13, which authorized the selling of bonds (debt) for investment to fill the $10 billion pension gap in PERS/TRS.
The irony and hypocrisy is simply overwhelming. Here is the CEO of Alaska Municipal League arguing against shifting PERS costs to local governments even though she is covered in PERS as a non-government employee!
Watch Nevada: Gov. Brian Sandoval said he favors switching how Nevada government spends money to a “performance-based” budgeting system in which state agencies must meet pre-set goals and requirements.
The Governor wants suggestions. Here’s one: Continue to require that departments prioritize their programs.
NCPA’s Unfunded Liabilities report takes a sobering look at state pension plans. Alaska’s unfunded liabilities are 42% of the state’s GDP.
(Heritage Foundation) With Bush-Era tax cuts set to expire and the new health care law ready to start collecting, The Heritage Foundation takes an indepth look at the general financial health of the country in the coming years.
Los Angeles has released a report on job creation/retention directly related to the recent stimulus package. $111 million dollars has provided only 55 employees with continued employment.
$578 million dollar schools, school districts building when in $640 million dollar deficits, and less than half of students graduating high school sum up L.A. county, a perfect candidate for school choice.
(WSJ) Few Californians in the private sector have $1 million in savings, but that’s effectively the retirement account they guarantee to many state government employees.
As questions regarding Social Security issues are raised methods of dealing with them, that include raising the retirement age and payroll taxes, are being floated. This year Social Security paid out more than it received, and predictions say it will only continue.
(Kansas Policy Institute) As revenues decline, local government is faced with the decision to raise taxes, which could risk citizens leaving for better tax structure, or trim and cut government growth. Better budget information could make the decision easier.
The Mercatus Center at George Mason University takes a serious look at state budgets and the inflation of them caused by gimmickry, fiscal evasion, and fiscal illusion; all common practices which pass extra costs off to taxpayers.
(The Tax Foundation on CNBC) The tax cuts implemented in the first term of President George W. Bush are set to expire this year, with little hope that they will be reauthorized by the current Congress.
The U.S. welfare program will see a 42 percent increase from FY2008 by FY2011, something The Heritage Foundation calls unsustainable and a path to bankruptcy.
GOP legislators voice favoritism for a state transparency website being constructed without legislative approval, citing benefits it would bring such as cost savings.