Biden and Warren tie in Iowa, another debate looms, Harris continues to plummet, LBGTCrazy, indestructible Bernie is back on his feet, Yang is the new Ron Paul, and Beto is coming after your church. It’s your Democratic Presidential clown car update!
The Steyer amount is how much he raised; we’ll have to wait until his FEC form is posted to see how much of his own money he tossed in.
Polls
CBS/YouGov (Iowa): Biden 22, Warren 22, Sanders 21, Buttigieg 14, Harris 5, Steyer 3, Klobuchar 2, Booker 2, Bennet 1, Gabbard 1, Williamson 1, Ryan 1. I think that’s the first time Warren has tied Biden in Iowa, but it’s essentially a three-way tie for the top. That’s also a really good showing for Buttigieg: Maybe all that money is finally have an effect.
CBS/YouGov (New Hampshire): Warren 32, Biden 24, Sanders 17, Buttigieg 7, Yang 5, Harris 4, Steyer 4, Klobuchar 2, Gabbard 2, Booker 1, O’Rourke 1, Ryan 1.
CBS/YouGov (South Carolina): Biden 43, Warren 18, Sanders 16, Harris 7, Buttigieg 4, Booker 3, Steyer 2, O’Rourke 1, Klobuchar 1, Yang 1, Williamson 1, Ryan 1, Bennet 1.
While the event was called the “Equality Town Hall,” representation was not exactly equal. The vast majority of the questions concerned, and were asked by, gay men and trans women. There was one token bisexual and one token nonbinary person permitted to ask a question, but I’m not sure the word “lesbian” was uttered once. They did, thank goddess, let butch comic Julie Goldman ask Kamala Harris about the most lesbian issue of all: homeless cats children. But it really should have been called the CNN Gay and Trans Women of Color Town Hall since a few letters of “LGBTQ” were basically ignored.
As for the substance of the debate, the candidates were asked varying versions of five different questions: Will you make the Red Cross take blood from gay men? How will you make PrEP cheaper for gay men? What are you going to do about hate crimes and the “epidemic of violence against trans women of color”? What are you going to do about trans people in the military? And, are you going to pass the Equality Act? Everyone gave basically the same answers, which are as follows: Yes; force insurance to cover it; enforce hate crime laws through the Department of Justice; welcome them; and yes. If they wanted to distinguish themselves on matters of policy, asking questions everyone agrees on was not the way to do it.
The all distinguished themselves by proving how far they were willing to bend over to bow to tranny madness.
Ballotpedia offers a roundup. The 12(!) presidential candidates on a debate stage at one time beats the Republican record of 11.
All the Democrats want to do is cut up the pie; none of them are talking about how to expand it.
Shockingly, the party of Hillary Clinton sucks at cybersecurity. The irony here is that Williamson’s campaign gets higher cybersecurity ratings than Yang’s…
In 1973, one year after Joe Biden was elected to the Senate at age 29, James Biden opened the nightclub Seasons Change with what Politico, referencing contemporaneous local reporting in Delaware, called “unusually generous bank loans.” When James ran into trouble, Joe, as a senator, later complained that the bank shouldn’t have loaned James the money. “What I’d like to know,” Biden told the News Journal in 1977, “is how the guy in charge of loans let it get this far.” The paper investigated, and sources at the bank said that the loan was made because James was Joe’s brother.
James, in the ’90s, founded Lion Hall Group, which lobbied for Mississippi trial lawyers involved in tobacco litigation. According to Curtis Wilkie’s book “The Fall of the House of Zeus,” the trial lawyers wanted James Biden’s help pushing Joe Biden on tobacco legislation.
Also:
In November 2010, James Biden joined a construction firm. Seven months later, that firm that would go on to win a $1.5 billion contract building homes in Iraq.
The company’s founder, Irvin Richter, told Fox Business Network that having James on board helped. “Listen, his name helps him get in the door, but it doesn’t help him get business,” he said. “People who have important names tend to get in the door easier but it doesn’t mean success. If he had the name Obama, he would get in the door easier.”
He returned to Iowa this week for a four-day swing, his longest trip through the Hawkeye State since a May RV tour that was also four days.
But in between those May and October swings, Booker made just six trips to Iowa, where he spent nine days campaigning and attending events for members of the public or organizations or that were open to press, according to a CBS News analysis. During that same stretch, only former hedge fund manager Tom Steyer, who entered the race in July, and Miramar, Florida Mayor Wayne Messam, who has been to Iowa once, spent fewer days publicly campaigning in Iowa.
South Bend, Indiana Mayor Pete Buttigieg: In. Twitter. Facebook. Pushes back on O’Rourke’s plan to strip tax exempt status from churches. “That means going to war not only with churches, but I would think with mosques and a lot of organizations that may not have the same view of various religious principles that I do. But also because of the separation of church and state are acknowledged as nonprofits in this country.” He’s against socialized medicine. Gets a Hollywood Reporter profile. Why is Hollywood Reporter covering presidential candidates?
Former First Lady, New York Senator, Secretary of State and losing 2016 presidential candidate Hillary Clinton: Maybe? She’s on a book tour, but members of the Permanent Clinton Crony Circus say it’s only that. But: “‘A lot of people are talking to her, which isn’t helpful,’ another person close to Clinton told CNN. ‘They get into her head because she so dislikes Donald Trump that she can’t see straight.'” Well, someone so easily deranged sure sounds like who you would want in the White House…
Among her fellow Democrats, Representative Tulsi Gabbard has struggled to make headway as a presidential candidate, barely cracking the 2 percent mark in the polls needed to qualify for Tuesday night’s debate. She is now injecting a bit of chaos into her own party’s primary race, threatening to boycott that debate to protest what she sees as a “rigging” of the 2020 election. That’s left some Democrats wondering what, exactly, she is up to in the race, while others worry about supportive signs from online bot activity and the Russian news media.
Perhaps strangest of all is the unusual array of Americans who cannot seem to get enough of her.
On podcasts and online videos, in interviews and Twitter feeds, alt-right internet stars, white nationalists, libertarian activists and some of the biggest boosters of Mr. Trump heap praise on Ms. Gabbard. They like the Hawaiian congresswoman’s isolationist foreign policy views. They like her support for drug decriminalization. They like what she sees as censorship by big technology platforms.
Then there is 4chan, the notoriously toxic online message board, where some right-wing trolls and anti-Semites fawn over Ms. Gabbard, calling her “Mommy” and praising her willingness to criticize Israel. In April, the Daily Stormer, a neo-Nazi website, took credit for Ms. Gabbard’s qualification for the first two Democratic primary debates.
Brian Levin, the head of the Center for the Study of Hate and Extremism at California State University-San Bernardino, said Ms. Gabbard had “the seal of approval” within white nationalist circles. “If people have that isolationist worldview, there is one candidate that could best express them on each side: Gabbard on the Democratic side and Trump on the Republican side,” Mr. Levin said.
Ms. Gabbard has disavowed some of her most hateful supporters, castigating the news media for giving “any oxygen at all” to the endorsement she won from the white nationalist leader David Duke. But her frequent appearances on Tucker Carlson’s Fox News show have buoyed her support in right-wing circles.
Both Ms. Gabbard and her campaign refused requests for comment about her support in right-wing circles or threat to boycott the debate.
In the bold new world of the New York Times, even a Hindu of Samoan extraction gets to be a “white nationalist” for 15 minutes! Even by lazy smear job standards its a lazy smear job. Gabbard rightfully slammed it as bullshit. Gets a Reason interview with John Stossel. You might think she would approve of Trump’s withdrawal of troops from northern Syria. She doesn’t.
This theory takes the Harris surge in July more seriously — it was real and represented a real opportunity for the California senator. Her campaign simply squandered it.
Harris’s campaign launch speech was widely praised, and she was strong in the first debate. But she has not had a strategy of keeping herself in the news, the way Warren’s policy rollouts and liberal stances did earlier in the year. And Harris hasn’t built a clear brand and rationale for her candidacy along the lines of Buttigieg’s (“I’m young”), Biden’s (“I can beat Trump”), or Sanders and Warren (“I will take on the wealthy”).
I think this lack of clarity about the rationale for her candidacy — beyond appealing to a broad coalition of Democrats — has led to some of Harris’s stumbles. Her months-long waffling on Medicare for All likely stemmed from a desire to appease both the party’s left-wing (which favors MFA) and the center-left wing (which opposes MFA). But this field may be too big for anyone to straddle the left and center-left — and perhaps health care is an issue where you can’t equivocate. Similarly, while Harris attacked Biden’s past opposition to aggressive school integration plans, she was hesitant to offer much of a proposal of her own on that issue. It seemed like Harris wanted to use that issue to nod at her racial liberalism but wasn’t prepared to commit to a big school integration plan, which might be controversial.
538 can’t state the obvious, unspoken rationale for her campaign: black people would vote for her because of her skin color. Evidence suggests not.
Although the failed senatorial candidate hit the donor threshold long ago, he’s failed to secure the qualifying polls he needs. In fact, the qualifying and non-qualifying national polls alike have seen O’Rourke sink like a stone. His RealClearPolitics polling average stands at 2.3%, half a point behind Andrew Yang. Yang, by the way, needs just one more poll to become the eighth candidate to secure a spot on the November stage.
Theoretically, O’Rourke could go Steyer’s route and divert all of his efforts to early state polling, but it’s unlikely that a new field office or Instagram live is going to save him. O’Rourke claims he raised more money this past quarter than the $3.6 million he raked in from April through June, but with Yang posting $10 million and Bernie Sanders topping the fundraising with more than $25.3 million, the top six candidates in the race have absorbed the bulk of the cash. Steyer can self-fund his vanity project, but O’Rourke probably can’t without help from his billionaire father-in-law.
(Hat tip: Instapundit.) Bow to gay marriage or have your church’s tax exempt status revoked, comrade. “What Beto O’Rourke said last night is a perfect example of why many orthodox Christians who despise Donald Trump will vote for him anyway. The survival of our institutions depends on keeping the Democrats out of the White House (and Congress) for as long as we can.”
Steyer has spent an estimated $19 million on TV ads. The next-closest Democrat was Kirsten Gillibrand, who spent $1.1 million, according to an analysis by the FiveThirtyEight website. More than 70% of all ads from Democrats running for president on TV right now were purchased by his campaign. His digital buys are also high — at least $10 million since he entered the race in July.
Steyer’s ascent to his first debate has drawn criticism from some competitors who say it proves the Democratic National Committee’s qualifying requirements are too easily bought.
“His ability to spend millions of his personal wealth has helped him gain in the polls like no one else,” New Jersey Sen. Cory Booker said in an email seeking donations.
Montana Gov. Steve Bullock, who didn’t make the debate, said the rules “have allowed a billionaire to bankroll his way onto the debate stage, while governors and senators with decades of public service experience have been forced out of the race.”
Elizabeth Warren has a moving story about being fired from a teaching job because she was pregnant, a story that perfectly complements her political narrative that she is the tribune and champion of those who have been treated unfairly by the powerful. Joe Biden has a moving — and horrifying — story about his wife and daughter being killed by a drunk driver, a story that similarly could not have been designed more perfectly to bolster his political image as a man who can be counted on to soldier on in the face of adversity.
Of course, neither story is true.
Are we still caring about that sort of thing?
Elizabeth Warren has long pretended to be a person of color — a “woman of color,” the Harvard law faculty called her. (That color is Pantone 11-0602.) What Senator Warren has in common with Jussie Smollett turns out to have nothing to do with skin tone. Smollett, you’ll recall, regaled the nation with the story of a couple of violent, Trump-loving, MAGA-hat-wearing white supremacists who just happened to be cruising a gay neighborhood in Chicago on the coldest night of the year, who also just happened to be fans of Empire, who also just happened to have some rope at hand. Who happened, as it turns out, to be a couple of Nigerian brothers and colleagues of Smollett’s.
Fiction, yes. Deployed, as we are always told when these lies are exposed as lies, in the service of a larger truth, a truth of which such habitual and irredeemable liars as Warren, Biden, Smollett — and Lena Dunham, and the so-called journalists of Rolling Stone, and the perpetrators of a thousand phony campus hate-crime hoaxes — are the appointed apostles.
“Does anybody seriously believe it was not as everyday as sunrise that employers made pregnant women leave their jobs 50 years ago?” CNBC’s John Harwood demanded in defense of Warren. Perhaps it has not occurred to Harwood, who purports to be a journalist of a kind, that the relevant question is not whether this sort of thing happened in the past to a great many women but whether this particular thing actually happened to this woman, which does not seem to be the case: The minutes of the local school-board meeting quite clearly document that Warren was offered a contract for further employment, which she declined. She was forthright in her account of the episode at earlier points in her life. She seems to have suddenly remembered the discrimination sometime between when she began advertising herself to the Ivy League as a Cherokee and the day when the Cherokee finally shamed her into knocking it off.
Was her “viral moment” a setup? Speaking of tranny madness, Elizabeth Warren wants men in women’s prisons, as long as they’re claiming to be women. What could possibly go wrong?
Venture capitalist Andrew Yang: In. Twitter. Facebook. I was going to make the point that Yang was the Democratic Ron Paul after his impressive haul, only to find that others have already beaten me to the punch:
Long-shot Democratic presidential candidate Andrew Yang isn’t afraid to take a position on, well, anything. Browse through his campaign website, and you’ll see not just that he believes in universal basic income – the policy proposal for which he’s best known – but also that he wants to mandate the payment of NCAA athletes, to crack down on spam phone calls, and to secure $6 billion to revitalize dying shopping malls.
Many of his policy positions are tied to causes with little prominence in the mainstream but a devoted following on the internet, like his recent stance against childhood circumcision, the domain of an online community that refer to themselves as ‘intactivists.’
Anti-circumcision? Let the interminable flamewar begin!
Yang’s has a digital savviness – a longtime tech entrepreneur, he most recently founded and helmed a nonprofit called Venture For America – and a willingness to traverse the turf of Reddit and 4chan (as well as Joe Rogan’s podcast, which he appeared on roughly before his online following started to really take off). He has duly earned himself a following that refers to themselves as the #YangGang. And it would be an understatement to call them enthusiastic. They propelled Yang’s improbable candidacy to a threshold of 65,000 individual donations, which the Democratic party designated as the requirement to be included in the party’s first televised debate.
Many Yang fans say he’s the first candidate they’ve been excited about in a while, if ever. The Yang for President subreddit is lively, energized, and packed with ‘dank memes.’ Some have pointed to Yang’s popularity in corners of the internet that are best known for their early and fervent support of Donald Trump in 2016, or to followers of Vermont senator Bernie Sanders in the same year.
But comparing the #YangGang phenomenon to Trump or Sanders supporters isn’t quite accurate. Donald Trump was an international celebrity before he ran for office. Sanders is a somewhat closer parallel, but at the same time he was a sitting senator, and was additionally able to tap into an obvious demographic of disgruntled leftist voters who didn’t want to put another person whose last name was Clinton into office.
The most obvious parallel in recent American presidential politics is more likely Ron Paul’s candidacy for the Republican nomination in 2008, when he was an oddball Texas congressman whose anti-tax stance and opposition to the war in Iraq managed to build him a following of ‘techies, hippies, tax haters, and war protesters’ that largely congregated on the internet. ‘In recent months,’ Mother Jones magazine related in late 2007, ‘he was sought out on the blog search engine Technorati more often than anyone except a Puerto Rican singer with a sex tape on the loose.’ (Side note: Remember Technorati?) Paul’s candidacy arguably didn’t succeed because he was too unorthodox, but if Donald Trump’s win has taught us anything, it’s that American political media now has the infrastructure in place for unorthodoxy to succeed. No longer do people need to stand on a highway overpass with a handmade sign that says ‘GOOGLE RON PAUL’ to get the word out. The fringe can now pull the mainstream along for the ride.
The only truly interesting data point from the latest batch of fundraising figures was Andrew Yang’s haul of more than $10 million. Yang has always been a long shot for the nomination, and this influx of cash doesn’t change that fact. But, as others have noted, it makes him look more like the Ron Paul of this cycle: someone with a signature idea (universal basic income for Yang, the gold standard for Paul), an uncommon political outlook (libertarianism for Paul, postliberalism for Yang), a devoted base of oddball followers, and the ability to rake in surprising amounts of cash.
Paul obviously never won the Republican nomination and the GOP never had a libertarian moment. But Paul’s dovishness and penchant for conspiracy theories became part of the GOP mainstream as Trump ascended to the nomination and the White House. Yang’s fundraising numbers suggest that some part of his approach and platform resonated deeply within a segment of the Democratic Party. So even if Yang loses, which he almost assuredly will, Yang-ism may survive to exert an unexpected influence in the future.
“You all heard at some point there’s an Asian man running for president who wants to give everyone $1,000 a month,” the 44-year-old New York Democrat said to laughter and cheers inside a packed union hall this month in Las Vegas, Nevada.
Then he turned serious: “We’re in an era of economic change, and we need to think differently.”
That way of thinking has propelled Yang, the Ivy League-educated son of Taiwanese immigrants who would be the country’s first Asian-American president, from what many considered to be an entertaining diversion to a mainstream contender for the Democratic presidential nomination in 2020.
Now Yang’s campaign, which began in 2017 but has seen its fortunes rise sharply in recent months, is rushing to catch up with rivals.
He stands near 3% in the latest public opinion polls, putting him in sixth place in the 19-candidate field ahead of numerous sitting lawmakers. His $10 million fundraising haul in the third quarter was the sixth-most among Democrats and more than triple his total for the second quarter.
Most importantly, he continues to inspire a fervent following known as the Yang Gang, supporters who wear blue “MATH” hats – a tribute to Yang’s devotion to data that has since become an acronym for “Make America Think Harder” – and revel in his “nerdy” campaign.
Out of the Running
These are people who were formerly in the roundup who have announced they’re not running, for which I’ve seen no recent signs they’re running, or who declared then dropped out:
A former political operative for State Rep. Charlie Geren (R–Fort Worth) has now admitted that he made a factually inaccurate and anonymous report to Child Protective Services against Geren’s opponent during a contentious 2016 Republican primary campaign.
As part of a settlement resolving a lawsuit brought by Bo French, David Sorensen has acknowledged he made the anonymous and incorrect election eve report to CPS alleging that French was abusing his children. The former Geren political aide has also acknowledged the report was not accurate, and he has apologized to the French family for submitting it.
“Before and after Geren’s campaign, Sorensen worked as an operative on Democrat political campaigns and for the Democrat Party.” After this confession, Sorensen should never work on the campaign of any candidate for any political party ever again…
Just as Milton’s Satan would rather reign in hell than to serve in heaven, so also neoconservatives would never be part of any movement if they were not acknowledged as the movement’s intellectual leadership. Neoconservatives were content to have John McCain win the GOP nomination and lose to Obama, since this result did not impair the market for what Kristol, et al., were selling — political commentary and policy analysis. What really threatened their racket, however, was when Republican primary voters in 2016 refused to be herded into the camp of any of the neoconservative-approved candidates. Make no mistake, Bill Kristol would have much rather seen Jeb Bush or Chris Christie win the GOP nomination and then lose to Hillary, than to have a Republican president who wouldn’t take advice from Bill Kristol.
Questions of policy — is Bill Kristol in favor of enforcing our immigration laws, or not? — were ultimately less important to the fate of the Weekly Standard than their intellectual pride. Neoconservatives decided in 2015 that Donald Trump should not be the Republican nominee and, when their advice was rejected by GOP primary voters, the neoconservatives doubled-down and decided that Hillary Clinton should be president. When that didn’t happen, they doubled down again, and declared Trump’s presidency illegitimate. At no point, apparently, did it ever occur to them to ask, “What if we’re wrong?” The possibility of error was not something Bill Kristol (Harvard, Class of 1979) was willing to consider.
America is not a kingdom, and a president is not a king, but the pagan power of a dead king’s passage still stirs some part of our ancient souls. These rituals of our civil religion (the lying in state, the transport of the coffin, the missing man flyover) are both objectively a little silly and subjectively profoundly important as part of the social glue that still binds the nation together.
Finally, the Democrats have a presidential candidate that combines the honesty of Bill Clinton, the electrifying personality of Walter Mondale, the down-to-earth demeanor of Adlai Stevenson, the even temper of Lyndon Johnson, and the humility of Barack Obama.
In short: The candidate they deserve.
A LinkSwarm:
Angela Merkel decides that she isn’t going to let a little thing like repeated terrorist attacks and mass rape dissuade her from welcoming lots more Muslims into Germany. It’s like she’s a sleeper agent designed to destroy the CDU from within…
Speaking of futile bans, China bans Internet news reporting. That’s not in any way the last-gasp desperation move of a country whose smoke-and-mirrors economy is imploding…
“Nearly 15 Years After 9/11, Retired Colonel Meets the Man Whose Life He Helped Save.” Man, there sure is a lot of pollen in the air today… (Hat tip: Ted Cruz’s Facebook page.)
NFL all-pro cornerback Richard Sherman reiterates that all lives matter. I find it hard to believe this is even remotely controversial… (Hat tip: Ace of Spades HQ.)
I write this from the hospital. Seems I have lung cancer.
My doctors tell me my growth was caught early and I’ll be fine. Soon I will barely notice that a fifth of my lung is gone. I believe them. After all, I’m at New York-Presbyterian Hospital. U.S. News & World Report ranked it No. 1 in New York. I get excellent medical care here.
Cancer sucks, catching it early doesn’t. But it being Stossel, he has some observations on the process:
But as a consumer reporter, I have to say, the hospital’s customer service stinks. Doctors keep me waiting for hours, and no one bothers to call or email to say, “I’m running late.” Few doctors give out their email address. Patients can’t communicate using modern technology.
I get X-rays, EKG tests, echocardiograms, blood tests. Are all needed? I doubt it. But no one discusses that with me or mentions the cost. Why would they? The patient rarely pays directly. Government or insurance companies pay.
And ObamaCare hasn’t made it any better.
Customer service is sclerotic because hospitals are largely socialist bureaucracies. Instead of answering to consumers, which forces businesses to be nimble, hospitals report to government, lawyers and insurance companies.
Whenever there’s a mistake, politicians impose new rules: the Health Insurance Portability and Accountability Act paperwork, patient rights regulations, new layers of bureaucracy…
Snip.
Leftists say the solution to such problems is government health care. But did they not notice what happened at Veterans Affairs? Bureaucrats let veterans die, waiting for care. When the scandal was exposed, they didn’t stop. USA Today reports that the abuse continues. Sometimes the VA’s suicide hotline goes to voicemail.
Patients will have a better experience only when more of us spend our own money for care. That’s what makes markets work.
Evidently Obama wants $500 million to arm the Syrian rebels that we’re supposedly trying to fight in Iraq. Oh, the article says he wants to arm “moderate” rebels. Has anyone seen these moderate rebels? Who are they? Kurds? Oppressed Christians? The problem isn’t that they don’t exist, the problem is that the actual moderates seem to have forces too small to affect the outcome of the fight, and I don’t trust this administration on, well, anything, but especially on their ability to discern the difference between “moderate” rebels and radical Islamic militias from 6,000 miles away….
The War Nerd suggests that Putin is mucking around in eastern Ukraine less to take it outright than to keep it at a simmer so he gets to keep the Crimea without a fight. Also include this epic quote: “Tom Friedman, the Michael Jordan of wrong.”
Obama gets unanimous beatdown from the Supreme Court. For the 13th time.
As Hillary Clinton gears up for a Presidential run in 2016, ABC decides to make one of Bill Clinton’s chief aides a network anchor. Lovely.
Hillary’s book sells more than 100,000 copies, but woefully short of what it would need to earn back it’s whopping $14 million advance…
“Did Obama Fail Black America?” Obviously the question mark is unnecessary, as the only question is whether that headline is one or two words too long.
Apparently, the leading cause of hard drive failures is subpoenas.
Feminism: The Tiny Elite: “You don’t have to look far to realize that victimhood is the flavor of the moment in America. Deeming oneself a victim delivers an afforded reverence, especially if said victimhood is biologically based.” Today feminism is “a group working largely for the interests of elite white women.” (Hat tip: Instapundit.)
Phil Collins donates his extensive collection of Alamo relics to the state. In fact, Collins is donating not only his existing collection, but stuff he continues to acquire. Three cheers for him.
No sooner did I post yesterday’s California vs. Texas update than all manner of related news pours forth.
First, I missed the news that John Stossel did a story on Texas vs. California back in January. That link takes you to the whole thing (which i haven’t watched yet), but here’s a taste featuring ex-Californian and current Texas Public Policy Foundation vice president of policy Chuck DeVore:
Naturally, the states media outlets are trying to downplay Texas’ advantage. Fortunately, here’s DeVore again debunking their claims good and hard. Read the whole thing.
Earlier this week, Texas Governor Rick Perry went on the offensive with a radio ad in California suggesting businesses relocate here:
Needless to say, California’s liberal establishment is perturbed.
Six California counties with their own pensions (instead of paying into the Golden State’s Public Employees’ Retirement System) would actually have to pay down $10 billion in pension deficits, versus the $4 billion they currently report bad on inflated rates of return. As a result, these counties would be expected by bondholders to pay out $1.4 billion a year just to pay down their pension deficits, more than double the $640 million they currently pay. For Contra Costa County near San Francisco, the percentage of property tax dollars devoted to pension deficit pay down would increase from 33 percent to 54 percent, crowding out funding for basic municipal activities. In short, these governments would be considered technically insolvent under Moody’s model.
That recalculation and other reforms should make California’s pension debt crises even more apparent.
CalPERS has a lot of ‘splain’ to do. Their rate of return and assets under management simply don’t add up.
John Stossel: “It’s good that we have places like Texas and New Hampshire to which fed-up citizens can escape. In Europe, you’d have to leave your country to escape its worst laws.” And one of the states they’re escaping is California, “the Greece of America.”