UC Tuition Hikes and Public Employee Pensions – WSJ.com
In 1999, the Democratic legislature ran a reckless gamble that makes Wall Street's bankers look cautious. At the top of a bull market, they assumed their investment returns would grow at a 8.25% rate in perpetuity—equivalent to assuming that the Dow would reach 25,000 by 2009—and enacted a huge pension boon for public-safety and industrial unions.
The bill refigured the compensation formula for pension benefits of all public-safety employees who retired on or after January 1, 2000. It let firefighters retire at age 50 and receive 3% of their final year's compensation times the number of years they worked. If a firefighter started working at the age of 20, he could retire at 50 and earn 90% of his final salary, in perpetuity. One San Ramon Valley fire chief's yearly pension amounted to $284,000—more than his $221,000 annual salary.
In 2002, the state legislature further extended benefits to many nonsafety classifications, such as milk and billboard inspectors. More than 15,000 public employees have retired with annual pensions greater than $100,000. Who needs college when you can get a state job and make out like that?
via UC Tuition Hikes and Public Employee Pensions – WSJ.com.
Obama’s New ‘Poverty’ Measurement – Robert Rector – National Review Online
The current poverty measure counts absolute purchasing power — how much steak and potatoes you can buy. The new measure will count comparative purchasing power — how much steak and potatoes you can buy relative to other people. As the nation becomes wealthier, the poverty standards will increase in proportion. In other words, Obama will employ a statistical trick to ensure that “the poor will always be with you,” no matter how much better off they get in absolute terms.
via Obama’s New ‘Poverty’ Measurement – Robert Rector – National Review Online.
Amir Taheri: Iran’s Democratic Moment – WSJ.com
Most significantly, the movement that started as a protest against the alleged rigging of the election that gave a second term to President Mahmoud Ahmadinejad has been evolving. The crowds’ initial slogan was “Where Is My Vote?” and the movement’s accidental leaders, including former Prime Minister Mir Hossein Mousavi, tried hard to keep the protest confined to demands such as a recount of the votes and, ultimately, a runoff in accordance with the law.The slogans of the protestors are no longer about election fraud. Today they include “Death to the Dictator,” “Freedom Now,” and “Iranian Republic, Not Islamic Republic!” One slogan is a direct message to President Barack Obama: “Obama, Are You With Us or With Them?” In short, the protestors no longer regard the present regime as the legitimate government of the country.
read the rest here… Amir Taheri: Iran’s Democratic Moment – WSJ.com.
Democrats’ Quiet Changes Pile Up – WSJ.com
While President Barack Obama still faces stiff headwinds on a range of major legislation on his agenda, he has been signing into law a slew of smaller initiatives that had gathered dust on the Democratic wish list for years.
Many of the bills had been blocked by Republicans who considered the measures unnecessary expansions of government or too costly. But facing Democratic majorities in Congress, conservatives are picking their battles and in many cases letting the legislation roll through.
read the rest here… Democrats’ Quiet Changes Pile Up – WSJ.com.
Investors.com – Skewed Priorities
Service Employees International Union boss Andy Stern, who told the Wall Street Journal that if the power of persuasion didn’t work, then the persuasion of power would have to do. The records show Stern had 22 meetings, many face-to-face with the president, more than anyone else known so far. Stern might as well borrow a White House bedroom.
And that may be why the president has been so solicitous of union demands at the expense of the economy. As the jobless rate hits 9.8%, unions have managed to persuade the president to impose tire tariffs, violate the NAFTA treaty with Mexican truck restrictions, place protectionist “Buy American” limitations on federal contracts, and ice Colombian, Panamanian and Korean free trade treaties. Stern’s union has also harassed banks that took bailouts, making one wonder if a sort of Cuban or Venezuelan revolutionary mob activity against business has the White House imprimatur.
While Stern gets what he wants from the White House, the released visitors list shows no record of huddling with U.S. Trade Representative Ron Kirk, whose trade pacts could create 600,000 jobs if ratified, according to the U.S. Chamber of Commerce.
read the rest here… Investors.com – Skewed Priorities.
YouTube – Rep. LaTourette Mocks Democrats for “Big Lie” About GOP Opposition to Health Care
YouTube – Rep. LaTourette Mocks Democrats for “Big Lie” About GOP Opposition to Health Care.
Bret Stephens: Does Obama Believe in Human Rights – WSJ.com
It . . . takes a remarkable degree of cynicism—or perhaps cowardice—to treat human rights as something that “interferes” with America’s purposes in the world, rather than as the very thing that ought to define them. Yet that is exactly the record of Mr. Obama’s time thus far in office.
In Massachusetts not long ago, I found myself driving behind a car with “Free Tibet,” “Save Darfur,” and “Obama 08″ bumper stickers. I wonder if it will ever dawn on the owner of that car that at least one of those stickers doesn’t belong.
read the rest here… Bret Stephens: Does Obama Believe in Human Rights – WSJ.com.
