Pension Protest Gathers Crowd
KEYT Anchor Story Created: Feb 14, 2011 at 3:57 PM PST
This report will be debated at Tuesday's Board of Supervisor's meeting.
Why it was just last year that board member Joni Gray had this to say while dealing with the budget deficit ” Gray said, actually using four words to initially describe her cryptic message. “Bus, bridge, and Ponzi scheme.” see for yourself.
Thursday, June 17, 2010
By Chris Meagher (Contact)
Fourth District Supervisor Joni Gray blasted the Santa Barbara County Board of Supervisors majority Friday as the quintet conducted their final deliberations on what to cut for the 2010-2011 fiscal year’s $833-million budget they were finalizing to go into effect July 1
“I’d like all of you to leave this hearing with three words,” Gray said, actually using four words to initially describe her cryptic message. “Bus, bridge, and Ponzi scheme.”
She continued, “I feel like I’m speeding down a highway in a bus and there’s a sign that says, in half-a-mile the bridge is out,’ and yet nothing is being done to stop this bus.” While people everywhere are cutting back, she said, the board was “not taking their foot off the gas.” Gray then addressed her Ponzi scheme comment, saying the board was moving money “here and there,” even making reference to Bernie Madoff. “You’re all very bright and well-meaning, but I cannot support this bus going off the bridge,” she said.
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|THEIS CHART REFLECTS A WELL FUNDED PENSION PLAN FOR A FULL 20 YEARS WHICH ALLOWED 180 MILLION DOLLARS IN "EXCESS RETURNS "TO BE PULLED IN THE YEAR 1999.|
|THIS GRAPH SJHOWS THAT SINCE 1942 THE SBCERS PENSION FUND HAS ALLOWS HAD A POSITIVE RETURN. WHICH LEADS US BACK TO CHART NUMBER 2. HOW IS IT POSSIBLE TO HAVE A 61% FUNDED RATIO BASED ON THE DATA OF THESE LAST TWO PICTURES?|
An advisory commission set up to look into the county's pension issues recently put out a report showing Santa Barbara will have to put out $21 million dollars more this year in retirement expenses compared to last year.HOW IS AN ADDITIONAL 21 MILLION DOLLARS THIS YEAR GOING TO HELP WITH A BILLION DOLLARS UNFUNDED FUTURE LIABILITY? THESE LAST 3 CHARTS REFLECT A BEST CASE SCENARIO AND ALL OF THEM HAVE THE TAXPAYERS PAYING EXTRA INTO THE FUND UNTIL 2028?