Pulling my head out of the muck and mire of Washington’s endless scandals, I turned to California politics to find the same dreary reports: California is drowning beneath years of liberal policies that can only be called criminally corrupt. But, don’t look too long or too closely. Surely, no one will notice if we just play our cards right.
For starters, California’s unfunded pension crisis is about to be exposed as much worse than previously known as new rules for reporting go into effect this month:
The new rules could nearly double California’s unfunded liabilities to $328.6 billion. Moreover, California cities that have already filed for bankruptcy protection, like Stockton and Vallejo, will fall deeper into the red.
Government retiree costs to date have been improperly underreported nationwide to taxpayers, says Moody’s. New government rules in effect at the end of this month from the Governmental Accounting Standards Board seek to fix this problem, which could show California is worse off than expected. A growing number of Senators also now warn these pension costs could result in a taxpayer bailout of the states.
Did you get that last sentence? They’re already talking about their solution — a bailout from the feds forcing financially prudent states to pay for the reckless ones.
And then if that’s not bad enough, Democrat State Senator Ron Calderon
…returned to work this week, just a few days after FBI agents raided his Capitol office and removed numerous boxes in what was at least the appearance of an extensive criminal investigation.
But, no worries. Just move along as there is nothing newsworthy to report about the mysterious investigation of a well-connected Democrat California Senator:
Perhaps you may be thinking you missed the wall-to-wall news coverage and breathless newspaper reporters pursuing this story with Watergate-like zeal. Well, don’t bother to go to Google now – you didn’t miss much.
Showing the absolute minimum journalistic curiosity, the Capitol press corps hasn’t had much to say about this and even less to report. No matter your politics, this is a disappointing shortfall of public information.
When Democrats rule, the press goes into “hear no evil, see no evil, speak no evil” mode — from Washington to California. (But, seriously, the investigation of Senator Calderon remains completely shrouded in mystery as of this publication…)
Have a great weekend…if you can.
The Watercooler is always an open thread.