Bonds, Public Pensions, Public Works & 100% Interest #VB50
September 23, 20075 Comments
Los Angeles, CA. A little known fact concerning the cost of bonded indebtedness is the amount of interest paid on general obligation bonds, infrastructure bonds, pension bonds, etc. According to public finance experts appearing in a new Full Disclosure Network® Video News Blog, the rate of interest on bonds is 100% and there is alarming trend to issue more and more bonds, with the consent of the voters that will have a major impact on the State and future generations. The revelations and predictions are now available for viewing FREE, 24/7, on demand as a public service of the Full Disclosure Network®.
In this eleven minute Internet Video News Blog, hosted by Leslie Dutton, prominent public finance experts predict that California’s $200-to $300 billion dollars un-funded pension and healthcare benefits for public employees could be paid for with voter approved bonds and that the total cost, with interest would double the amount that voters are actually asked to approve on the ballot.
Appearing in the Video News Blog are:
- Keith Richman, M.D., President California Foundation for Fiscal Responsibility
- B. Scott Minerd, CEO Guggenheim Partners, Asset Management
- Dr. Adrian Moore, Vice President for Research, Reason Foundation
- Carl DeMaio, President Performance Institute
- Jack Ehnes, CEO CAL-STRS (Teachers Retirement System)
Here are a few of the points made in the video presentation:
- Instead of issuing more bonds, important infrastructure projects such as, dams, bridges, roads, etc. should be paid for with current taxes, instead the money is being spent for other things and our government is asking voters to approve debt, so they can keep on spending.
- Each California household will pay $1200 to $1600 per year to cover the cost of pension and healthcare benefits for public employee retirees.
- The un-funded liability for pensions and healthcare benefits for retired public employees in California is three times the current total outstanding debt, all the bonds.
Since 1992 the Full Disclosure Network® programs have been sponsored by the Citizens Protection Alliance, a non-profit, educational organization. Billed as “the news behind the news” and produced by Emmy Award winning Host Leslie Dutton and T. J. Johnston the programs are featured on 45 cable systems and the Internet website at www.fulldisclosure.net. In 2002 the Academy of Television Arts & Sciences presented a local public affairs Emmy Award to Leslie Dutton for the series “L.A.’s War Against Terrorism”. Channels and airtimes can be found on the website.