Trump Blame for Puerto Rico Tragedy Is Lazy Reporting

I’m certainly no Trump apologist. As a long time New York, I’m well aware of Trump and his destructive narcissism. But, while he bears some blame for the current tragedy in Puerto Rico, he’s nowhere near the top of the list.

Corporate greed and government leaders in the U.S. and on the island for decades have manipulated and neglected the island’s needs and its people. The storm just exposed this.

Today’s example is the role Wall Street played in wiping out the savings of unsavvy investors.

“To have this type of carnage being born on this small of a population in this small of a geographic territory is something that we’ll likely never see again,” said attorney Jeffrey Erez, who has filed hundreds of securities cases on behalf of Puerto Rican investors. “You have the complete investing class on a very small island having lost 50 percent, 60 percent, 70 percent, 80 percent of their retirement savings within a few years.”

And among the many factors that contributed to this was this: 

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A Missed Pension Story in Monrovia?

When people talk government pension details, eyes roll back. But the latest at Calpensions.com on Monrovia is interesting – and frightening – for a few reasons. The city’s current unfunded liability is $112 million. This, by the way, in a city of 36,000.

Here’s a show stopper:

“In fact, if we do nothing, current financial modeling indicates that the costs associated with the pending CalPERS UAL repayment schedule will strain our General Fund to the point of rendering the City insolvent in either FY 2021/22 or FY 2022/23.”

Despite this, the city’s plan has no staff or service cuts. Employees took a minor pay cut across the board, but the larger bite will be paid with a bond, which the city will have to pay back with interest. And more taxes. One potential stumbling block:

But in a system that expects to pay 60 percent of future pension costs with a risky stock-laden investment portfolio, a plunge in a record-high market could quickly add new debt.”

Have to wonder what the rest of the cities in the San Gabriel Valley are facing. 

You should read the whole scary story:  https://calpensions.com/2017/11/27/one-citys-struggle-with-mounting-calpers-costs/

Job for talentless political cartoonists: Memes

This difference between political cartoonists and meme creators is the former has the “ability to capture complex issues inside a single box” and the latter…doesn’t. 

But the latter has become the new thing for the deep-pocketed political class or at least the companies looking to drain those pockets.

“This was the missing piece of the progressive infrastructure,” said Jess McIntosh, Shareblue’s executive editor, who worked as Mrs. Clinton’s director of communications outreach during the 2016 campaign. “Everyone understands that what gets shared online matters now.”