Canan Tasci, Staff Writer
Created: 02/03/2012 01:29:27 PM PST
CHINO – As tears were shed and pleas were made, Chino Valley Unified School District board members approved $19.6 million in budget reductions.
Archive for the ‘ Economy ’ Category
PolitiCal
On politics in the Golden State
February 3, 2012 | 11:28 am
Gov. Jerry Brown has courted a coalition of business and labor groups to back his November initiative that would raise taxes on sales and upper incomes. Now, some on the left are lashing out at the governor’s plan, and his early donors, reaffirming their intent to place a competing tax measure on the ballot this fall.
Filed under: Budget, Economy, Finance, In the News, Jerry Brown, Politics, State of California, Unions
February 3rd, 2012, 5:00 am
Posted by Tony Saavedra, Register investigative reporter
The Orange County Employee’s Retirement System ended 2011 with an investment return of 0.74 percent — that’s 7 percent less than projected.
But OCERS officials, though concerned, say it is too early to panic. For one thing, says CEO Steve Delaney, the 20-year average is 7.9 percent on investments, right where the system needs to be.
8.3% ?
Friday, February 3, 2012 – 09:00 a.m.
Hooray! The U.S. unemployment rate fell to 8.3% in January, with the economy adding 243,000 jobs.
But it took a lot of gaming of the numbers to get there.
Filed under: Barack Obama, Business, Economy, Finance, In the News, U.S. Department of Labor, U.S. Government
By Dale Kasler
dkasler@sacbee.com
Published: Friday, Feb. 3, 2012 – 12:00 am | Page 6B
By lowering its investment forecast by another quarter point, CalSTRS made a bow toward economic reality – but also may have complicated efforts to shore up its finances.
The teachers’ retirement board agreed Thursday to reduce CalSTRS’ official investment forecast to 7.5 percent, down from 7.75 percent. It was the second cut in 14 months, after the $144 billion fund left the forecast untouched for 15 years.
In a volatile investment climate, following a year in which CalSTRS’ portfolio earned just 2.3 percent, board members took their consultants’ advice and went with the lower number.
“I think it’s best that we be conservative,” said Terry McGuire, representing board member and state Controller John Chiang.
The board of the California State Teachers’ Retirement System voted 9-1 to reduce the forecast. The lone dissent came from Pedro Reyes of the Department of Finance. The higher forecast “is not unreasonable,” he argued. “Let’s stay where we are right now, (and) visit this in another year.”
By cutting investment projections, the board instantly ballooned CalSTRS’ funding gap – the estimated shortfall of assets available to meet the pension fund’s long-term needs. The gap will grow by nearly $6 billion, or roughly 10 percent.
That could create problems in the Legislature, which must OK changes in how CalSTRS is funded.
CalSTRS gets around $5.6 billion a year from the state, school districts and teachers. The pension fund had already calculated that it needed another $4 billion a year to eventually get healthy. With the lower investment forecast, those needs grow by another $500 million a year.
While CalSTRS is pushing for more money, many Republicans want to erase funding shortfalls for public pensions by reducing benefits. Democratic Gov. Jerry Brown wants to give newly hired employees a combination traditional pension and a 401(k)-style program.
Read more here: http://www.sacbee.com/2012/02/03/4235828/calstrs-gap-rises-as-return-forecast.html#mi_rss=Business#storylink=cpy
Filed under: Budget, CalSTRS, Economy, Finance, In the News, Investments, Pension Funds, Pensions, State of California
Joe Nelson, Staff Writer
Posted: 02/01/2012 02:01:30 PM PST
The labor union representing roughly 11,000 San Bernardino County employees announced Wednesday it will support another union’s effort to reduce county supervisors’ jobs to part-time.
By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Feb. 1, 2012 – 12:00 am | Page 6B
CalSTRS is thinking of cutting its investment forecast for the second time in barely a year, a move that acknowledges the increased financial strain on the pension fund.
The teachers’ retirement board on Thursday will consider a recommendation from its actuarial consultant to cut the forecast by a quarter point, to 7.5 percent.
Filed under: Budget, CalSTRS, Economy, Education, Finance, In the News, Investments, Pension Funds, Pensions, State of California
Riverside County officials have gone to court in an effort to stop a one-day strike by health care professionals.
BY RICHARD K. De ATLEY
STAFF WRITER
rdeatley@pe.com
Published: 30 January 2012 11:33 AM
A judge Monday barred 248 health-care workers from joining a one-day strike by members of Riverside County’s second-largest union.
Monday, January 30, 2012
By Ed Mendel
The nation’s two largest public pension funds last week reported slim annual investment earnings, CalPERS 1.1 percent and CalSTRS 2.3 percent, as experts continue to say hitting their long-term earnings target, 7.75 percent, will be difficult.
While CalPERS reported weak earnings in 2011, a prominent private-sector investment manager, Robert Arnott of Research Affiliates, told the board last week he thinks the most they can expect from stocks and bonds next decade is 4 percent.
Filed under: Budget, CalPERS, CalSTRS, Cities, Counties, Economy, Finance, In the News, Investments, Local Government, Pension Funds, Pensions, State of California
Executive Editor Frank Pine
Posted: 01/28/2012 05:38:39 PM PST
San Bernardino County’s Board of Supervisors asked county lawyers last week to draft language for a ballot measure that would give voters the final say on increases to pension benefits for public employees.
Supervisors Janice Rutherford, Gary Ovitt and Josie Gonzales voted yea with supervisors Brad Mitzelfelt and Neil Derry voting nay.
Dan Walters
By Dan Walters
Published: Sunday, Jan. 29, 2012 – 12:00 am | Page 3A
The big news in Stanislaus County these days is that a big Internet retailer – almost certainly Amazon – will establish a huge distribution center in Patterson that would employ at least 1,500 workers.
Meanwhile, California new car sales reached nearly 1.3 million vehicles last year, a 9.9 percent improvement over 2010, and the state’s unemployment rate dipped in December to 11.1 percent, down 1.4 percentage points from the previous December, with at least a quarter-million more working.
Trends favor apartments
Andrew Edwards, Staff Writer
Created: 01/25/2012 03:20:18 PM PST
Residential developers will remember the past year as the third-slowest in California history – and the slowest ever in terms of permits for new single-family homes.
Golden State developers are finding a better market for apartments and other multi-family living options than new homes.
California Gov. Jerry Brown presents his proposed state budget, which needs tax hikes to balance. (Lezlie Sterling / MCT / January 5, 2012)
By Marc Lifsher
January 25, 2012, 10:43 a.m.
California’s combination of business, sales, income and other taxes ranks it close to the bottom of the 50 states for being business-friendly, according to an index put out by a conservative Washington think tank.
California placed 48th, ahead of only New York at 49th place and New Jersey at 50th, said a report released Wednesday by the Tax Foundation.
Filed under: Budget, Business, Economy, Finance, In the News, Jerry Brown, Politics, State of California
It falls short of the 7.75% average that actuaries say CalPERS needs to meet obligations. Calendar-year results are just indicators — the public pension fund’s fiscal year ends in June.
By Marc Lifsher, Los Angeles Times
January 24, 2012
Reporting from Sacramento— The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his board.
The 2011 performance was well below the estimated average annual return of 7.75% that the fund’s actuaries say is needed to meet current and future obligations to its members.
Filed under: Budget, CalPERS, Cities, Counties, Economy, Finance, In the News, Investments, Local Government, Pension Funds, State of California
Dan Walters
Published: Monday, Jan. 23, 2012 – 12:00 am | Page 3A
Whenever someone suggests that California’s public employee pension systems need reform, civil service unions react dismissively, often with attacks on the credentials or even the morals of critics.
Filed under: Budget, Cities, Counties, Economy, Finance, In the News, Jerry Brown, Local Government, Pension Funds, Pensions, State of California, Unions
George Skelton
By George Skelton, Capitol Journal
January 23, 2012
It’s the norm in January: After the governor proposes a new budget and delivers his State of the State address, legislators slide into hibernation until spring.
Oh, there’s some rustling around in the dens — a few committee hearings, brief floor sessions — but no strenuous activity, no risk taking until May, when deadlines sprout and the governor revises his budget proposal.
Filed under: Budget, Economy, Finance, In the News, Jerry Brown, Local Government, Pension Funds, Pensions, State of California
By Ed Mendel
Monday, January 23, 2012
A new advisory panel, following a move by CalPERS last year, recommends that public pensions take a small step that touches on a big issue: What happens if pension fund earnings fall below the forecast?
Filed under: Budget, Cities, Counties, Economy, Finance, In the News, Pension Funds, Pensions, State of California
Sandra Emerson, Staff Writer
Created: 01/21/2012 05:12:56 PM PST
UPLAND – The city may expect another budget deficit in the next fiscal year, with expenditures continuing to grow more quickly than revenues, according to estimates by City Manager Stephen Dunn.
Dunn outlined several of the city’s challenges in 2012 during a special City Council meeting Saturday at the Carnegie Library.
By Andrew Edwards, Staff Writer
Created: 01/20/2012 10:52:09 AM PST
The Inland Empire’s unemployment rate fell to 12.2 percent last month as employers in San Bernardino and Riverside counties added 5,200 non farm jobs, state officials reported Friday.
BY JACK KATZANEK
STAFF WRITER
jkatzanek@pe.com
Published: 20 January 2012 04:08 PM
December was an excellent month for the job market in Inland Southern California, and the typical seasonal opportunities in stores, restaurants and movie theaters had very little to do with it.
California Gov. Jerry Brown talks about his budget during a press conference in Sacramento. (Lezlie Sterling//MCT / January 5, 2012)
NEWS ANALYSIS
By Anthony York, Los Angeles Times
January 18, 2012
Reporting from Sacramento— In his State of the State address in Sacramento on Wednesday, Gov. Jerry Brown is expected to attempt a risky balancing act: reconciling his well-crafted image as a penny pincher with one he aspires to as a builder in the mold of his father, former Gov. Pat Brown.
Published: Tuesday, 17 Jan 2012 | 7:06 AM ET
By: Reuters
Rating agency Fitch said on Tuesday that Greece would default on its debt, although it said that such a default was likely to take place in an orderly manner.
January 17, 2012 – 6:38 p.m.
By David Oakley
Portugal is trading in default territory after investors offloaded the country’s bonds this week amid rising fears of contagion. Worries are mounting that the private sector and Greece will fail to agree a restructuring package for Athens’ debt.
Published: Tuesday, 17 Jan 2012 | 1:05 PM ET
By: AP
The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday.
The Federal Deposit Insurance Corp voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule have until 2013.
BY DUANE W. GANG
STAFF WRITER
dgang@pe.com
Published: 15 January 2012 08:45 PM
Since 2008, Riverside County supervisors have doled out more than $11million to hundreds of community groups, but the funding could be in jeopardy as the county continues to face daunting financial challenges.
By Kevin Yamamura
kyamamura@sacbee.com
Published: Monday, Jan. 16, 2012 – 12:00 am | Page 1A
As unemployed Californians struggle to find work, Gov. Jerry Brown has proposed strict rules for parents on welfare: Get a job in two years or lose nearly half of cash aid along with training and child care.
Filed under: Budget, Economy, Finance, In the News, Jerry Brown, Politics, Social Services, State of California
Signs point to Facebook going public in 2012. If Mark Zuckerberg’s social network has a successful IPO, it could mean hundreds of millions of dollars in taxes get pumped into California’s coffers. (David Paul Morris, Bloomberg / September 22, 2011)
By Anthony York, Los Angeles Times
January 15, 2012, 9:42 p.m.
Reporting from Sacramento— The future of California’s public schools, universities and health programs could be linked partly to the fictional town of FarmVille.
The popular virtual world is the creation of Zynga, a San Francisco online game company that raised $1 billion in an initial public stock offering last year. Because California receives much of its income from capital gains taxes, such moves by businesses like Zynga can mean hundreds of millions of dollars for state coffers.
With the $100-billion project at a critical juncture, the governor puts his people in key positions.
By Ralph Vartabedian and Dan Weikel, Los Angeles Times
January 14, 2012
A surprise shake-up of senior leaders at California’s bullet-train agency this week was partly Gov. Jerry Brown’s response to a growing crisis of confidence and credibility in recent months that has threatened the political viability of the project.
Filed under: Budget, Business, Economy, Finance, In the News, Jerry Brown, State of California, Transportation
By David Siders
dsiders@sacbee.com
Published: Saturday, Jan. 14, 2012 – 12:00 am | Page 3A
When former Gov. Arnold Schwarzenegger tried to repeal a state law requiring animal shelters to keep dogs and cats longer before euthanizing them, outrage from animal lovers was so overwhelming he was forced to drop the idea.
Gas prices are starting the year at the highest point ever because of high oil prices and brisk fuel exports.
By Ronald D. White, Los Angeles Times
January 14, 2012
Get ready to pay $4 a gallon or more for gasoline this spring, with possible records close to $5 over the Memorial Day weekend, analysts said.
PolitiCal
On politics in the Golden State
January 12, 2012 | 5:41 pm
Republican state senators say Gov. Jerry Brown is overstating the need for new tax hikes, according to an internal analysis.
The 61-page report, which examines Brown’s proposals from a Republican perspective, said state tax revenues will bounce back without the temporary taxes the governor wants.
Filed under: Budget, Economy, Finance, In the News, Jerry Brown, Politics, Republicans, Robert Huff, State of California, State Senate
BY IMRAN GHORI
STAFF WRITER
ighori@pe.com
Published: 11 January 2012 06:59 AM
San Bernardino County supervisors rolled back their own health and retirement benefits Tuesday, approving a proposal to reduce their compensation by about 18 percent.
PolitiCal
On politics in the Golden State
January 9, 2012 | 3:44 pm
Gov. Jerry Brown’s tax measure could bring in billions less than what the governor is counting on, according to a new analysis from the nonpartisan state legislative analyst.
Dan Walters
By Dan Walters
dwalters@sacbee.com
Published: Tuesday, Jan. 10, 2012 – 12:00 am | Page 3A
Gov. Jerry Brown’s new budget says that the state’s shaky finances are “exacerbated by an unprecedented level of debts, deferrals and budgetary obligations,” which he describes as “a wall of debt.”
However, California’s debt, much of it run up over the last decade, is more like a mountain, at least a Mount Whitney and perhaps a Mount Everest.
Analysts cite two reasons for the rise in gasoline prices: exports draining U.S. fuel supplies and an increase in global tensions.
By Ronald D. White, Los Angeles Times
January 10, 2012
Retail gasoline prices jumped higher over the last week in California and most of the nation, adding to what was already a record start for a new year.
January 08, 2012 3:14 PM
Brooke Edwards Staggs, City Editor
VICTORVILLE • Even before the state axed redevelopment agencies to bolster its budget, the viability of Victorville’s RDA was in question, according to an annual audit released this week.
Filed under: Budget, Cities, Economy, Finance, In the News, Legal, Local Government, Redevelopment, Victorville
Joe Nelson, Staff Writer
Posted: 01/07/2012 02:42:29 PM PST
Victorville City Manager Doug Robertson said the city’s November default on bond payments totaling $10.6 million has not prompted an inquiry from a federal agency that has been investigating the city’s bond debt for the last two years.
In an e-mail, Robertson said investigators from the Securities and Exchange Commission (SEC) has not made any inquiries about the defaults thus far, but he is expecting they will.
Wyatt Buchanan, Chronicle Sacramento Bureau
Sunday, January 8, 2012
Sacramento –Gov. Jerry Brown’s budget plan released last week poses a stark choice for Californians: approve a five-year $35 billion tax increase in November or watch the hatchet drop on public school funding – with cuts so deep the school year could be shortened by almost a month.
Filed under: Budget, Campaigns, Economy, Education, Elections, Finance, In the News, Jerry Brown, Politics, Social Services, State of California
Public Money
BY: Girard Miller | January 5, 2012
One of my pet peeves in the ongoing debates over public pension reform is the way partisans on each side try to pitch half-truths and myths to support their arguments. The other side seldom believes any of these, but they help rally the allies on the speaker’s side. Sometimes the press naively re-circulates these fallacies, which leaves the general public even more confused about what to believe. There’s an old saying in politics that if you tell the same lie long enough, the public will eventually believe it — and that apparently is the mentality of lobbyists on both sides. In an effort to start the new year with a clean slate for public debate, I’d like to set the record straight on a dozen of the most glaring fallacies and silly slogans.
Filed under: Budget, Cities, Counties, Economy, Finance, In the News, Legal, Local Government, Pension Funds, Pensions, Politics, State of California, Unions
By Michael B. Marois and James Nash – Jan 5, 2012 9:01 PM P
California (STOCA1) Governor Jerry Brown proposed a budget that would lop off the equivalent of three weeks from the public school year if voters reject his proposal for $7 billion in temporary tax increases.
BY JACK KATZANEK
STAFF WRITER
jkatzanek@pe.com
Published: 04 January 2012 03:57 PM
The index that tracks manufacturing in Inland Southern California barely moved in December, suggesting that this sector is not playing a huge role in the region’s economic comeback.
California High Speed Rail Authority shows an artist’s rendering of a high-speed train speeding along the California coast. (California High Speed Rail Authority / Associated Press / February 20, 2009)
By Ralph Vartabedian and Dan Weikel,
Los Angeles Times
January 4, 2012
In a scathing critique that could further jeopardize political support for California’s proposed $98.5-billion bullet train, a key independent review panel is recommending that state officials postpone borrowing billions of dollars to start building the first section of track this year.
By Keith Jenkins and Anchalee Worrachate – Jan 3, 2012 2:22 AM PT
Governments of the world’s leading economies have more than $7.6 trillion of debt maturing this year, with most facing a rise in borrowing costs.
Led by Japan’s $3 trillion and the U.S.’s $2.8 trillion, the amount coming due for the Group of Seven nations and Brazil, Russia, India and China is up from $7.4 trillion at this time last year, according to data compiled by Bloomberg. Ten-year bond yields will be higher by year-end for at least seven of the countries, forecasts show.
Filed under: Budget, Business, Economy, Finance, In the News, Investments, Politics, U.S. Government
Bank of America is demanding that some small-business customers pay off their credit line balances all at once instead of making monthly payments.
By E. Scott Reckard, Los Angeles Times
January 3, 2012
Bank of America Corp., under pressure to raise capital and cut risks, is severing lines of credit to some small-business owners who have used them to stay afloat.
BY DUANE W. GANG
STAFF WRITER
dgang@pe.com
Published: 31 December 2011 05:04 PM
Changes in public employee retirement were a hot-button issue in 2011 and will likely continue this year as a dominant policy debate at the state and local levels.
Filed under: Budget, CalPERS, Cities, Counties, Economy, Finance, In the News, Local Government, Pensions, Politics, State of California, Unions
Liset Márquez, Staff Writer
Created: 12/30/2011 03:05:45 PM PST
ONTARIO – It’s been a tumultuous year for city officials in their quest to take over and operate LA/Ontario International Airport.
For several years, Ontario officials have lobbied for local control, claiming they would be able to convert the medium-hub facility into a competitive regional airport. Los Angeles World Airports operates ONT and Los Angeles International Airport.
Filed under: Business, Cities, Economy, Finance, In the News, Local Government, Ontario, Transportation
BY DUANE W. GANG
STAFF WRITER
dgang@pe.com
Published: 29 December 2011 07:21 PM
Riverside County imposed pension changes on its largest union Thursday afternoon, a move that means 7,000 employees will begin paying more toward their own retirements starting next month.
Southern California Logistics Airport seen in Victorville Thursday, July 28, 2005./STAFF PHOTO
A technical payment mistake hits the city and the Southern California Logistics Airport
BY KIMBERLY PIERCEALL
STAFF WRITER
kpierceall@pe.com
Published: 28 December 2011 08:29 PM
Victorville has defaulted on two of several municipal bonds used to make improvements to the Southern California Logistics Airport, according to letters from the Bank of New York Mellon.
Filed under: Business, Cities, Economy, Finance, In the News, Investments, Local Government, Victorville
December 27, 2011 6:15 PM
Brooke Edwards Staggs, City Editor
VICTORVILLE • The city has defaulted on two bonds after trying to use restricted funds for a $535,000 payment due Dec. 1, according to a notice from the Bank of New York Mellon.
As a result, if a majority of bondholders agree, the bank notice states they could demand full and immediate payment of the outstanding balance on $173 million in bonds taken out in 2007 and 2008 for improvements at Southern California Logistics Airport.
By David Siders
dsiders@sacbee.com
The Sacramento Bee
Published: Wednesday, Dec. 28, 2011 – 12:00 am | Page 3A
Last Modified: Wednesday, Dec. 28, 2011 – 7:49 am
Gov. Jerry Brown said Tuesday that he expects the first half of the new year to be dominated again by California’s budget problems, as he proposes more spending cuts and tries to clear the November ballot of tax measures that might compete with his.
Filed under: Budget, Democrats, Economy, Finance, In the News, Jerry Brown, Politics, State of California
Gov. Jerry Brown outlines proposals to roll back public employee pension benefits during a news conference at the Capitol in October. (Rich Pedroncelli / Associated Press / October 27, 2011)
News analysis
By Nicholas Riccardi, Los Angeles Times
December 27, 2011
Reporting from Sacramento — In swing states across the country this year, an emboldened group of new Republican governors teamed with GOP legislatures to remake government from top to bottom.
Filed under: Budget, Democrats, Economy, Finance, In the News, Jerry Brown, Politics, State of California
By Ed Mendel
Monday, December 26, 2011
Gov. Brown’s proposal to give new state and local government employees a hybrid retirement plan is part of a national trend, joined by Rhode Island last month and Utah last year.
A typical hybrid combines a smaller monthly pension, guaranteed for life, with a more risky and unpredictable 401(k)-style investment plan, whose value can rise and fall with the market.
Joe Nelson, The (San Bernardino County) Sun
Posted: 12/24/2011 06:11:58 AM PST
San Bernardino County’s imposition of labor terms on a law enforcement union could have longstanding ramifications on its relationship with the bargaining group.
Andrew Edwards, Staff Writer
Created: 12/23/2011 01:55:45 PM PST
ONTARIO – The light traffic at L.A./Ontario International Airport Friday was a boon for trucker Barry Culley, who was awaiting a stand-by flight to Reno and a chance to visit his daughter.
December 23, 2011 1:41 PM
Brooke Edwards Staggs, City Editor
VICTORVILLE • A federal appeals office upheld the termination of Victorville’s EB-5 visa investor center, leaving the city with no option but to pursue a pricey lawsuit or say goodbye to millions in funding they’d hoped to borrow through the program.
City officials got the news Thursday afternoon, with plans to discuss next steps during the Jan. 17 city council meeting.
By Phil Kuntz and Bob Ivry – Dec 22, 2011 9:01 PM PT
Dec. 7 (Bloomberg) — Matthew Winkler, editor-in-chief of Bloomberg News, talks about Bloomberg News’ response to Federal Reserve Chairman Ben S. Bernanke’s letter to four senior lawmakers yesterday that said recent news articles about the central bank’s emergency lending programs contained “egregious errors.” Winkler speaks with Tom Keene on Bloomberg Television’s “Surveillance Midday.” (Source: Bloomberg)
Last updated: December 22, 2011 3:20 pm
By Johanna Kassel in New York
The US economy grew at a slower rate than initially thought in the third quarter after personal spending was less than expected, according to the final gross domestic product reading for the period.
The economy expanded at a rate of 1.8 per cent, the US Department of Commerce said on Thursday. The economy grew by 1.3 per cent in the second quarter.
The downward revision was mainly attributed to lower personal consumption.
Joe Nelson, The (San Bernardino County) Sun
Created: 12/21/2011 10:31:20 AM PST
A union representing San Bernardino County public- safety employees has agreed to labor terms proposed by an arbitrator in June that averts 14 percent pay and benefits cuts to certain employees, the county announced Wednesday.
Wednesday, December 21, 2011 – 11:00 a.m.
A stark contrast has emerged between San Bernardino County and neighboring Riverside this week.
A contrast in how each county deals with collective bargaining and budgeting.
House lawmakers prepare to follow their Senate colleagues on a holiday recess, with no sign of a compromise that would save the expiring tax break for workers.
By Lisa Mascaro and Kathleen Hennessey, Washington Bureau
December 20, 2011, 8:50 p.m.
Reporting from Washington— The Senate is gone, the House is packing up, and for now that means working Americans will see their taxes rise in January.
Filed under: Budget, Democrats, Economy, Finance, In the News, Politics, Republicans, U.S. Government, U.S. House of Representatives
Money & Company
Tracking the market and economic trends that shape your finances.
December 20, 2011 | 2:43 pm
California Atty. Gen. Kamala D. Harris has filed suit against mortgage titans Fannie Mae and Freddie Mac for refusing to answer subpoenas issued to the companies this year.
Filed under: Business, Courts, Economy, Finance, In the News, Kamala Harris, Law Enforcement, Legal, Real Estate, State of California, State Superior Court
Sunday, December 18, 2011 – 12:01 p.m.
Americans spend $36,000,000 at Wal-Mart Every hour of every day.
Filed under: Business, Economy, Finance, In the News, U.S. Government, U.S. House of Representatives, U.S. Senate
Sunday, December 18, 2011 – 10:50 a.m.
The San Bernardino County Safety Employees’ Benefit Association (SEBA) should reconsider and accept a contract offer from county supervisors.
A contract affecting the union’s Specialized Peace Officer Unit representing Probation Corrections Officers, and Welfare Fraud and Coroner Investigators.
Why?
Gov. Jerry Brown takes part in a news conference on the state budget Tuesday at the Capitol. Brown wants voters to approve tax increases worth $7 billion per year over the next five years.
Wyatt Buchanan, Chronicle Sacramento Bureau
Sunday, December 18, 2011
Sacramento –California’s dark days of budget deficits and severe spending cuts may be nearing an end.
Since the economic collapse in 2008, state leaders have seen a steep drop in tax revenue that had them jostling to keep public services intact in schools, universities, prisons and aid to the poor, disabled and sick. General fund spending has dropped by $17 billion since 2007 – from a high of nearly $103 billion – and the cuts continued as recently as last week when Gov. Jerry Brown announced another $1 billion reduction to programs serving California’s 37.5 million residents.
Dan Walters
By Dan Walters
dwalters@sacbee.com
Published: Sunday, Dec. 18, 2011 – 12:00 am | Page 3A
Call it the half-percent solution.
While they differ – a lot – in details, there is one fairly consistent theme in the competing proposals to raise Californians’ taxes: They assume increases in the range of $6 billion to $10 billion per year.
Daniel Borenstein
By Daniel Borenstein
Staff columnist
California taxpayers should ask themselves, in the words of Clint Eastwood’s famous movie character, “Do I feel lucky?”
We’re not staring down the barrel of “Dirty Harry” Callahan’s gun wondering whether there’s a bullet in the chamber. Instead, we’re gambling our financial future on whether public pension fund investments will surpass reasonable expectations.
Filed under: Budget, Economy, Finance, In the News, Investments, Pension Funds, Pensions, Politics, State of California, Unions
BY IMRAN GHORI
STAFF WRITER
ighori@pe.com
Published: 16 December 2011 09:49 PM
A union representing San Bernardino County public safety employees will vote again on a previously rejected contract as it faces a possible 14 percent pay and benefit cut.
Liset Marquez, Staff Writer
Created: 12/16/2011 07:19:41 PM PST
ONTARIO – City officials have rejected Los Angeles World Airports’ recommendations aimed to increase air service at LA/Ontario International Airport, calling the suggestions as impractical and unhelpful.
Jim Steinberg, Staff Writer
Created: 12/16/2011 05:25:11 PM PST
Unemployment fell and the number of jobs grew in the Inland Empire as the state Employment Development Department on Friday delivered a report with news that will add cheer the coming holidays.
Money & Company
Tracking the market and economic trends that shape your finances.
December 16, 2011 | 11:45 am
California employers added a modest 6,600 new jobs in November, driving the monthly unemployment rate down to 11.3%, its lowest level since the depths of the recession in June 2009.
Virgin America begins service to Palm Springs starting today.(KIMBERLY PIERCEALL/STAFF PHOTO)
BY KIMBERLY PIERCEALL
STAFF WRITER
kpierceall@pe.com
Published: 15 December 2011 01:43 PM
The mayor of Palm Springs looked worried. As Virgin America’s first flight from San Francisco descended into his normally sunny resort city Thursday afternoon, Steve Pougnet saw clouds outside the aircraft’s window.
Liset Márquez, Inland Valley Daily Bulletin
Created: 12/15/2011 04:30:05 PM PST
Los Angeles World Airports officials once again may consider closing a terminal at LA/Ontario International Airport as a way to save money in the face of rapidly declining passenger traffic.
Filed under: Business, Cities, Economy, Finance, In the News, Local Government, Ontario, Transportation
LA/Ontario International Airport has has suffered a 32 percent decline in airline passengers since 2007. The airport had once been projected to serve 30 million passengers by 2030. (File Photo)
Liset Márquez, Inland Valley Daily Bulletin
Posted: 12/14/2011 02:26:45 PM PST
RIVERSIDE – Mayor Ron Loveridge is the latest Inland Empire politician to show his support to Ontario in its efforts to regain control of LA/Ontario International Airport.
S.B. County supervisors vote to impose reductions on the 380 members of the Specialized Peace Officer unit
BY IMRAN GHORI
STAFF WRITER
ighori@pe.com
Published: 14 December 2011 06:19 PM
San Bernardino County is planning to impose a 14 percent pay and benefit cut on some public safety employees if they don’t agree to a proposal the union had previously rejected.
Neil Nisperos, Staff Writer
Posted: 12/14/2011 04:40:19 PM PST
Regional mail processing centers in the cities of Industry and Redlands remain on the chopping block, despite the cash-strapped U.S. Postal Service’s decision to delay closing any of its facilities until mid-May.
Each site has 750 employees, postal officials said.
Filed under: Business, Cities, Economy, Finance, In the News, Moreno Valley, Redlands, U.S. Government, U.S. Postal Service