Posts Tagged ‘Fresno’
Wednesday, February 13th, 2019
California Governor Gavin Newsom may be a typical far-left coast Democrat, but evidently even he knows what a rotting corpse smells like:
Gov. Gavin Newsom announced in his State of the State speech Tuesday that he intends to scale back California’s $77-billion high-speed rail system, saying that while the state has “the capacity to complete a high-speed rail link between Merced and Bakersfield … there simply isn’t a path to get from Sacramento to San Diego, let alone from San Francisco to L.A.”
By the time Newsom pulled the plug on the boondoggle, it had already swelled to $77 to $98 billion in projected costs for the unlikely goal of reducing automotive travel between Los Angeles and San Francisco. The original cost was estimated to be $25 billion.
The good news is that the most incredibly expensive part of this colossal waste of taxpayer money is now cancelled. No more worrying about paying for extremely expensive land or 13.5 mile tunnels or how to span active earthquake faults. This is progress!
The bad news is that the stupidest and cheapest part of the boondoggle is still alive. Bakersfield has a population of 380,000. Merced has a population of 83,000. Between them is Fresno, population 428,000. None of these cities is nearly as congested at rush hour as Los Angeles or San Francisco. A “high speed” rail line there serves no purpose except soaking up federal government subsidies, and the only reason construction started on that part of the boondoggle was because the land was (relatively) cheap and California government functionaries could point at it and go “Look! Progress!”
To quote Iowahawk:
I suspect that at some point the rest of the boondoggle will be quietly cancelled, as the Bakersfield to Merced makes no sense apart from connect Los Angeles to San Francisco (except, of course, for lining the pockets of well-connected consultants and construction firms).
Tags:California, Democrats, Fresno, Gavin Newsome, high speed rail, Merced, waste
Posted in Democrats, Waste and Fraud | 2 Comments »
Thursday, March 24th, 2016
Time for another Texas vs. California update:
California’s underfunded pension debts put it $175.1 billion in the red. “More than 51 percent ($89.9 billion) of the negative $175.1 billion consists of unfunded, employee-related, long-term liabilities.” (Hat tip: Pension Tsunami.)
A initiative to hike California’s minimum wage to $15 an hour has made the ballot. Also known as the “Send as much business as possible to Texas” act.
Speaking of which, Texas’ unemployment rate fell to 4.5% in January.
Germany and Sweden have lower median incomes than Texas. Indeed, were Germany and Sweden to join the union, they would instantly be among the poorest states.
Big Government advocates in California are fighting to renew a “temporary tax” on all those millionaires earning $250,000 or more a year. “The extension measure is again supported by the California Teachers Association and Service Employees International Union.”
California traffic fines have turned into a huge tax on the poor. “California is filled with people who are one traffic ticket away from losing their means of independent transportation. They get a ticket for a busted taillight or a small-change moving violation. On paper, the fine is $100, but with surcharges, it adds up to a lot more.” Which is why they’re having an amnesty to pay a reduced rate on outstanding tickets. But there’s a catch: “The practice of throwing in extra sources of revenue is so ingrained in Sacramento that there is a $50 amnesty program fee.” (Hat tip: Instapundit.)
Fresno’s pension system “is the only public pension program in California – and one of only a few in the United States – that has a surplus instead of unfunded pension liabilities.” (Hat tip: Pension Tsunami.)
“When unfunded pension, medical and other liabilities are formally included on its balance sheet, the [Orange County] Fire Authority’s debts exceeded its assets by $169 million for the fiscal year that ended in June,” the Register’s OC Watchdog wrote. “That’s a plunge of more than 680 percent in its ‘net position,’ or more than $420 million, over a single year.” (Hat tip: Pension Tsunami.)
California has a problem cutting pensions even when they’re going to convicted felons. (Hat tip: Pension Tsunami.)
Assisted suicide becomes legal in California June 9.
How long will California continue to consider itself part of the United States? (Hat tip: Ed Driscoll at Instapundit.)
Over 200 BART employees earned over $200,000 a year in total compensation.
California’s already long-delayed and already over-budget high speed rail fantasy is planning to put much of the initial segment underground due to community and environmental concerns. Problem: Digging those tunnels will probably cost $1 billion a mile.
California short-hauler Total Transportation Services Inc. files for bankruptcy.
“The parent company of Carl’s Jr., founded in Anaheim 60 years ago, is relocating its California headquarters to Nashville, Tenn.”
Kohl’s is closing nine stores in California, out of 18 total closing nationwide (none in Texas).
On the other hand, Sports Authority is closing slightly more stores in Texas (24) than California (19). Meh. I liked the stores more when they were Oshman’s…
California’s Quantum Fuel Systems Technologies Worldwide Inc., which manufactures and sells fuel systems and storage tanks for vehicles fitted for compressed natural gas, filed for bankruptcy. The fact the company has already gone through two reverse splits suggests long-running troubles…
Of course, being in Texas won’t prevent some municipalities of spending like they’re in California: San Antonio to spend almost $100,000 on a toilet.
Likewise, Houston’s credit rating been downgraded by both Moody’s and Standard & Poor’s due to “the city’s large unfunded pension liability.” Maybe former Houston Mayor Annise Parker should have spent more time on trimming expenses and fixing crummy surface streets than suing churches and tranny bathrooms…
Tags:California, Democrats, Fresno, high speed rail, Houston, Kohl's, Orange County, pension crisis, Quantum Fuel Systems, San Antonio, Sports Authority, Texas, unions, Welfare State
Posted in Democrats, Texas, unions, Welfare State | No Comments »
Monday, December 7th, 2015
Finally, some news from California that doesn’t involve radical islamic jihadis killing innocent people…
California lost 9,000 business HQs and expansions, mostly to Texas, 7-year study says. “It’s typical for companies leaving California to experience operating cost savings of 20 up to 35 percent.” (Hat tip: Pension Tsunami.)
Remember those “temporary taxes” that made California’s state income taxes the highest in the country? Well, to the all-devouring maw of a broke welfare state, no tax is temporary.
Los Angeles County: center of American poverty:
The Census Bureau’s 2012 decision to begin releasing an alternative measure of poverty that included cost of living has appeared to have far-reaching effects in California as politicians, community leaders and residents react to the new measure’s depiction of the Golden State as the most impoverished place in America.
The fact that about 23 percent of state residents are barely getting by has helped fuel the push for a much higher minimum wage and prompted renewed interest in affordable housing programs. It’s also put the focus on regional economic disparities, especially the fact that Silicon Valley and San Francisco are the primary engine of state prosperity.
While the tech boom and the vast increase in housing prices it has triggered in the Bay Area are national news, prompting think pieces and thoughtful analyses, the poverty picture in the state’s largest population center isn’t covered nearly as fully. Although the fact is plain in Census Bureau data, it’s not commonly understood that Los Angeles County is the capital of U.S. poverty. A 2013 study by the Public Policy Institute of California and the Stanford Center on Poverty and Inequality based on 2011 data found 27 percent of the county’s 10 million residents were impoverished, the highest figure in the state and the highest of any large metro area in the U.S.
Why California’s cities are in trouble: “The problems here, as the bankruptcies of San Bernardino and other cities have shown, are mismanagement and high costs incurred as a result of the state’s public-employee unions.” (Hat tip: Pension Tsunami.)
How CalPERS created a ticking time bomb. (Hat tip: Pension Tsunami.)
CalPERS also paid $3.4 billion in private equity firm fees since 1990, despite returns that were not that great. (Hat tip: Pension Tsunami.)
And CalPERS also has a huge problem with self-dealing and conflicts of interest. (Hat tip: Pension Tsunami.)
Texas’ largest employer is Wal-Mart. California’s largest employer is the University of California system.
But I doubt Wal-Mart has 35,065 employees who make more than $100,000 a year…
What good is California’s open meetings law if officials still feel free to ignore it? “Six decades after Brown Act passage, elected leaders still hold illegal meetings.” (Note: The Brown Act is named after Assemblyman Ralph M. Brown, D-Modesto, not either Jerry Brown.) (Hat tip: Pension Tsunami.)
Though Texas is doing much better at fiscal restraint than California, TPPF notes that Texas’ could still use additional spending restraint:
“Though Texas legislators did an excellent job by holding the total budget below population growth plus inflation during the last session, the state’s weak spending limit remains a primary cause of excessive budget growth during the last decade,” said Heflin. “Legislators can strengthen the limit by capping the total budget, basing the growth on the lowest of three metrics, and requiring a supermajority vote to exceed it. These reforms would have helped keep more money in Texans pockets where it belongs.”
“All segments of Texas housing market show strong gains in 2015.”
Mojave solar project operator files for bankruptcy.
“Fresh off of a major expansion, iconic San Francisco craft brewery Magnolia Brewing Co. filed voluntarily for Chapter 11 bankruptcy.” So a brewery that opened in 1997 is “iconic”?
“Fuhu Holdings Inc, a maker of kid-friendly computer tablets, has filed for Chapter 11 bankruptcy protection, according to a court filing on Monday.” Eh, included for completeness. That sounds like a bad business model for a startup no matter what state it was in…
Fresno Democratic assemblyman resigns to make more money in the private sector. Evidently a year to wait until his term expires was just too long to avoid climbing aboard the revolving door gravy train…
Tags:bankruptcy, California, CalPERs, Democrats, Fresno, Los Angeles, pension crisis, San Francisco, Texas, unions, waste, Welfare State
Posted in Democrats, Texas, unions, Waste and Fraud, Welfare State | No Comments »
Thursday, April 2nd, 2015
Time for another Texas vs. California roundup. The Texas House passed a budget, but I haven’t had a chance to look at it in any detail yet…
Unemployment rates in February: National average is 5.5%, Texas at 4.3%, California at 6.7%.
Even though hiring slowed to 7,100 new jobs in Texas in February, it was still the 53rd straight month of positive job creation, and Texas added 357,300 new jobs over the preceding 12 months.
A report from the Dallas Fed goes into more details.
California institutes mandatory water restrictions due to drought. California is indeed suffering a horrific drought, but it’s imposition of or acquiescence to idiotic environmental restrictions (see also: Delta Smelt) have made things much worse.
Some have proposed free market solutions to California’s water problems.
Workers comp abuse at LAPD/LAFD. (Hat tip: Pension Tsunami.)
Add Richmond, California to the list of cities that have radically underfunded their public employee retirement plans. “The shortfall of $446 million works out to about $4,150 for every city resident.” (Ditto.)
San Bernardino reveals its bankruptcy deal with CalPERS. (Hat tip: Pension Tsunami.)
Volokh the Younger examines the legal framework around the California rule (“not only that public employees are entitled to the pension they’ve accrued by their work so far, but also that they’re entitled to keep earning a pension (as long they continue in their job) according to rules that are at least as generous”), as well as its practical effects:
The California rule distorts what the salary/pension mix would otherwise be, given employer and employee preferences, and given the tax code as it is. Because underfunded pensions are a popular form of deficit spending, public employee compensation may already be too pension-heavy, and the rule makes it more so by freezing pensions in times of retrenchment. The incentive effects of the rule, given the political economy of government employment, may well exacerbate this tendency. And the possible theoretical reasons for preferring a pension-heavy mix don’t go very far in justifying this particular distortion.
California runs out of room on death row. Maybe they could subcontract to Texas…
Fresno’s deputy police chief busted on drug charges.
Tags:Alexander Volokh, California, Fresno, LAFD, LAPD, Los Angeles, pension crisis, Richmond (California), San Bernardino, Texas, unemployment, unions, Welfare State
Posted in Texas, unions, Welfare State | No Comments »
Thursday, January 29th, 2015
To a certain extent, this Texas vs. California roundup is incomplete, since we’re hot and heavy into the new legislative session and I haven’t had a chance to fully digest the proposed budget numbers yet. By the Legislative Budget Boards numbers, they’re only projecting a 1.5% increase in the 2016-2017 biennium budget over 2014-2015. But see the first link…
Setting the story straight on the Texas budget. TPPF uses a different baseline…
California’s public employee unions would prefer that you not know how well they’re compensated.
How California’s public employees use sick leave to spike their pensions.
Supreme Court may take on California union mandatory dues case.
Though not nearly as bad as California, Texas state and local public employee pensions are also in need of reform.
California’s Kern County declares a fiscal emergency over dropping oil prices. “Collapsing crude prices are squeezing the finances of Kern County, home to three-fourths of California’s oil production.” Thankfully, oil and gas extraction is a lot more widespread in Texas.
The City of Sacramento’s unfunded liabilities have reached $2.3 billion. (Hat tip: Pension Tsunami.)
“Fresno? No one goes to Fresno anymore!” Except for job growth percentage, that is, where Fresno outpaced Silicon Valley.
Remember the Newport Beach police department firing a whistler-blower? Via Dwight comes a followup: “A husband and wife who sued Newport Beach and its police department for alleged retaliation and wrongful termination have settled their lawsuits for $500,000, according to city officials.”
“Physician-assisted suicide has returned to California’s political agenda.” Well, why not? California’s ruling Democrats have been attempting fiscal suicide for well over a decade now…
Toyota breaks ground on its new Texas headquarters.
A public school in California is having a Hijab Day.
Tags:Budget, California, Democrats, Fresno, Jihad, Kern County (CA), Legislative Budget Board, Newport Beach, oil industry, pension crisis, Sacramento, Texas, Texas Public Policy Foundation, Toyota, unions, Welfare State
Posted in Budget, Democrats, Jihad, Supreme Court, Texas, unions, Welfare State | No Comments »
Monday, November 11th, 2013
Time for another roundup of Texas vs. California:
California’s high tax, high regulation government, and its resultant high cost of living, has given the state the nation’s worst poverty rate. How’s that blue State model working out for you?
Fresno is completely broke. “Now the city doesn’t even have a day’s worth of cash in its general fund.”
Given the tough economy, CalPERS cuts back on staff bonuses. Ha, just kidding! They doubled them.
Desert Hot Springs is the next California city eyeing bankruptcy.
Stockton’s Lavish pensions contributed to it’s bankruptcy. But guess who doesn’t have to take a haircut?
The message Stockton’s bankruptcy has for other California cities is obvious: Just screw taxpayers.
Bankrupt San Bernardino throws the bums out. And the new team looks like they’re willing to take on CalPERS. A case of mixed messages.
Covered California, California’s ObamaCare agency, is hair plugs and fat camp.
There’s a magazine called Time that says that Texas is the nation’s future. (There’s a longter story, but I don’t feel compelled to obtain a login to read it.) I’m sure Texas has a much brighter future than Time…
Your tears, Lakers fans! Let me taste them! (Missing from that piece: Dwight Howard will no longer give 10.3% of his income to the state of California, and Texas has no state income tax.)
Tags:bankruptcy, basketball, Bell, California, Desert Hot Springs, fraud, Fresno, San Bernardino, Stockton, Texas, unions, waste, Welfare State
Posted in Budget, Crime, Texas, unions, Waste and Fraud | No Comments »
Thursday, August 16th, 2012
Looks like California has done such a good dog of screwing the pooch that I may have to start doing these roundups weekly:
Although bankrupt, California is about to add another outrageous benefit to its already bloated pension plan.
The Road Warrior‘s future as California’s present.
Creditor demands that Stockton reduce it’s outrageous pension plans.
In deed, CalPERs and state and local governments have combined to screw both taxpayers and bond-holders.
Hermosa Beach meter maids make make nearly $100,000 a year.
Could Fresno be the next California city to declare bankruptcy?
That is, unless the next California city to declare bankruptcy is Los Angeles.
Tags:bankruptcy, Blue State, Budget, California, CalPERs, fraud, Fresno, Hermosa Beach, Los Angeles, Red State, Stockton, Texas, unions, waste, Welfare State
Posted in Budget, Economics, Texas, unions, Waste and Fraud, Welfare State | No Comments »
