Interview: Game-changing CAFR surplus trillions explained
An ethical person – like a politician, banker or lawyer – may know right from wrong, but unlike a politician, a moral person lives it. “Marx and Engels never tried to refute their opponents with argument. They insulted, ridiculed, derided, slandered, and traduced them, and in the use of these methods their followers are not less expert. Their polemic is directed never against the argument of the opponent, but always against his person.” – Socialism http://chasvoice.blogspot.com/
Posted on February 24, 2014 by Carl Herman
(28-minute interview)
- Officials and corporate media never remind taxpayers, but California holds $600 billion in taxpayer cash and investments ($50,000 non-disclosed assets per household).
- California’s ~14,000 various government entities’ CAFRs have a sampled-data total estimate of $8 trillion in surplus taxpayer assets ($650,000 non-disclosed assets per household). For examples, page 63 of L.A. County’s 2011 CAFR shows $66 billion in cash and investments; City of L.A.’s CAFR page 58 shows $38 billion.
- The state’s $600 billion cash and investment fund is explained as designated for funding state pensions. The CAFR data show the opposite: $27 billion in pension cost receives only $1 billion income from $600 billion in withheld taxpayer assets, fund “managers” receive over twice the net income as California pensions receive, and a massive $68 billion increase in “fair value of investments” doesn’t translate to actual funding of pensions.
- Californians are taxed $19 billion to pay for pensions (95% of the public cost) while also losing $50,000 in assets the state withholds in cash and investments.
- The $600 billion fund in cash and investments contributed 4% of the state’s $27 billion pension costs, but since 2008 has been “managed” to cost taxpayers more than the net income it produces.
- Governor Brown is silent about the $600 billion in surplus cash and investments, claiming the $16 billion budget deficit can only be addressed by austerity – massive funding cuts to our essential infrastructure. A 2.8% divestment of the fund would cover the $16 billion deficit.
SOURCE Washingtonsblog
Source: http://chasvoice.blogspot.com/2014/02/interview-game-changing-cafr-surplus.html
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