Fiscal Hits Keep Coming

CalPERS Reports; Talking High Speed Rail and the Gov.’s Tax Plan on NBC-LA News Conference

On a day that the Brown tax campaign released its first internet ad populated mostly by voices from folks in the public sector advocating for Prop 30, but not once mentioning the word “tax” in the minute-and-a-half ad, CalPERS reported that it’s investments brought in 1% return — meaning the retirement fund will look toward governments to increase contributions.

This on top of the legislature’s and governor’s success in passing the High Speed Rail appropriation bill just over a week ago.

These issues run together for the taxpayers/voters of the state making it hard to convince them that taxes should be raised.

Sacramento Bee columnist Dan Walters wove together the threads of yesterday’s news.  He described as “misleading” – at one point using the word “falsely” – a portion of the Prop 30 ad and pointed out the fiscal and political dangers of not forthrightly dealing with unfunded pension liability.

The High Speed Rail vote and its connection to the governor’s tax initiative were the subjects of my appearance on NBC-LA’s New Conference with Conan Nolan broadcast a week ago. The show was taped on the day, and during the time, that the High Speed Rail vote was being debated. Therefore, we had to tape two segments—one as if the measure passed, one if it failed. Unfortunately, it was the version relating that the measure passed which aired.

Assemblyman Charles Calderon supported the bill and had to go through the same exercise I did. We were on different segments. His segment can be found here.