Last week’s announcements about 2013 earnings by California’s largest public pension funds suggest the agencies may be making significant progress in shaking off the lingering after-effects of the 2008 stock market crash.
The California Public Employees’ Retirement System (CalPERS) said it rode a 25 percent run-up in stock prices to post a 16.2 percent gain for its 2013 portfolio — its best showing in a decade. For its part, the California State Teachers’ Retirement System (CalSTRS) reported an impressive 19.1 percent return on its 2013 investments, led by a 28 percent return on its stock holdings.
The announcements undoubtedly came as welcome news to the roughly 1.6 million California government workers and 860,000 public school teachers represented by the systems. Ever since the 2008 global financial meltdown, their pensions have been in the crosshairs of fiscal conservatives and anti-public pension activists who wish to see the employees’
Last year, as we remembered the life and legacy of Reverend Dr. Martin Luther King, Jr., we focused much of our attention on the 50th anniversary of the March on Washington for Jobs and Freedom. We reflected on the historical words that followed, “I have a dream” and reaffirmed our commitment to keeping the dream alive.
We measured our progress through victories such as the end of Jim Crow segregation, the passage of the Civil Rights and Voting Rights Acts, and the election of our first African American President. We also talked about where we need to devote our efforts for the dream to become a reality.
With that, one year later we are reminded of the inequalities that still exist and the call to action we must all answer:
“I’m not in despair, because I know that there is a moral order. I haven’t lost faith, because the arc of the moral universe is long, but it bends toward justice.”
We all know the political shorthand: “red” states vote conservative while “blue” states vote progressive. But these days the deep red hue of Idaho, Arizona and Texas isn’t just a reflection of their political leanings; it’s all the red flags voters are raising about private prisons in those states.
In 1997, Corrections Corporation of America (CCA) took over the Idaho Correctional Center. Predictably, the facility was soon plagued with rampant violence, understaffing, gang activity and contract fraud committed by CCA. One former inmate said the facility was so violent that it was commonly referred to as “gladiator school.” What’s more, in 2012 the Associated Press showed that taxpayers didn’t even get the savings they were promised.
This month, tired of the bad headlines, Idaho Governor Butch Otter – a strong proponent of outsourcing – announced that the state is taking back control of the privately run prison.
» Read more about: States Are Regretting Prisons for Profit »
I knew him. He ran the lathe next to mine.
Perfectionist, a madman, even on overtime
Saturday night. Hum of the crowd floating
from the ball park, shouts, slamming doors
from the bar down the street, he would lean
into the lathe and make a little song
with the honing cloth, rubbing the edges,
smiling like a man asleep, dreaming.
A short guy, but fearless. At Margie’s
he would take no lip, put the mechanic big
as a Buick through a stack of crates out back
and walked away with a broken thumb
but never said a word. Marge was a loud,
dirty girl with booze breath and bad manners.
He loved her. One night late I saw them in
the kitchen dancing something like a rhumba
to the radio, dishtowels wrapped around
their heads like swamis.
There was a time when we listened to science, leaned forward when its experts spoke about smoking, clean air and water, or the need for something called a seatbelt. But that was long ago, before corporate interests convinced us that the best policy for just about any social crisis was to do nothing. Today research surveys that statistically demonstrate the benefits of raising the minimum wage have about the same chance of being heard above the denial din as climate change papers.
Nevertheless, the authors of Effects of a Fifteen Dollar an Hour Minimum Wage in the City of Los Angeles, a new study conducted by the Economic Roundtable and funded by the Los Angeles County Federation of Labor, hope to open some very closed minds about these economic benefits. Tuesday the two groups released the study at a media event held on a corner of Lafayette Park.
» Read more about: 7.6 Billion Reasons to Raise L.A.’s Minimum Wage »
Today’s Los Angeles Times features front-page coverage of the Raise LA campaign, a new effort to improve the standard of living for workers employed by L.A.’s larger hotels. James Rainey’s piece, which appeared online late yesterday (as did a story on Raise LA by Nancy Cohen in The New Republic), noted that while a relatively small number of L.A. hotel workers enjoy the protections and benefits of union membership, most of the city’s hotel housekeepers, busboys and maintenance workers are mired in jobs that pay little more than California’s minimum wage of $8 per hour. Raise LA aims to create an hourly minimum wage of $15.37 for employees who work at hotels with of 100 rooms or more.
In 2012 Long Beach voters passed a similar law for its hotel workers, increasing their minimum wage to $13 an hour.
» Read more about: Minimum Wage Battle Checking in to L.A. Hotels »
“Happy New Year!” is the salutation we use to greet each other around the turn of every year. We talk as if what is past has disappeared in the rear view mirror and that what’s ahead will be brand new, novel and something completely different. In newspapers, blogs, magazines and cartoons, we survey the events of the year past and make predictions about the year ahead.
In reality not much ends on December 31st except the calendar hanging in our kitchen. Instead, the issues of one year carry over into the next. The behaviors of one year become the practices of the next. In the real world, matters of conflict and tension continue over years, even over decades.
This is the baggage that we’ll continue to carry with us in the new year:
Late Monday afternoon California Attorney General Kamala Harris released the state’s official title and summary for the ballot initiative promoted by San Jose Mayor Chuck Reed and others to reduce the retirement benefits of state and municipal workers. Harris’ wording had been anxiously awaited by Reed and his colleagues. In 2012 a different group of pension-cutters abandoned their measure, according to the Sacramento Bee, after they tested Harris’ summary and found it would make their measure radioactive at the polls.
Reed had called his proposal the Pension Reform Act of 2014 and, no doubt, had his fingers crossed that it would appear that way on a future ballot. If so, he was in for a disappointment, as the attorney general rebranded the measure as the less lyrical Public Employees Pension and Retiree Healthcare Benefits Initiative Constitutional Amendment. To the pension-cutters’ further chagrin, Harris’ description placed teachers,
» Read more about: Can Chuck Reed’s Pension-Cutting Campaign Get Off the Ground? »
The holiday interlude brought a mixed blessing from Seattle —that’s the positive spin, frankly—in the form of King County Superior Court Judge Andrea Darvas’ ruling in the SeaTac minimum wage case. The complaint, officially named BF Foods v. City of SeaTac, concerns Proposition 1, a ballot initiative adopted by the voters of the City of SeaTac last November, that raised wages to $15 an hour for airport and hotel workers.
Opposition to the measure was rather heated, as opponents sued to keep the matter off the ballot. Having failed in that endeavor, they spent big money to defeat it. Having lost, a recount, which did not change the results. After which, this suit.
The main litigant, according to press reports, is Alaska Airlines; they cleverly brought in the Port of Seattle, which runs the airport. The legal approach here was something of a kitchen sink strategy,
» Read more about: SeaTac Minimum Wage Law Faces Catch-22 Hurdles »