California State Teachers Retirement System may become insolvent

We overpromised” says the head of a pension reform group, and this may well be true. The amount being paid into the California State Teachers Retirement System (CalSTRS) by teachers, schools, and the state cannot possibly meet the amount that will be owed in the coming years. But the real problem for California is that by law CalSTRS can demand that the state make up any funding shortfall they have. That’s right, CalSTRS can legally force to state to fund them. Right now, the state is paying 23% of CalSTRS expenses. That percentage is expected to increase dramatically in the coming years and the gloomy consensus is that by 2040 the fund will be broke and will rely entirely on taxpayer money.

This is just another dismal example of the sorry state of State of California finances. Problems that should have ben addressed responsibly have been ignored for years by irresponsible legislators and incompetent (at best) pension fund administrators. Now, there is no apparent way CalSTRS can remain solvent.

French Senate passes pension bill. The protests accomplished nothing

All that protest in the streets, with blocked streets and shut-down ports, has accomplished precisely nothing. The French Senate just passed a law raising the pension age from 60 to 62.

Symbolic protests in the streets accomplishes very little now. The police know how to isolate it, the media often ignores it, and politicians simply route around it. The whole “Wa-hoo, solidarity, dude we showed them” by getting in the streets and protesting may make participants feel good when they do a fist bump, but it terms of genuinely changing things, the impact is negligible.

This is something the hard left genuinely doesn’t get. Perhaps that’s why they’re so dispirited of late, tactics that worked admirably for decades no longer do, and they don’t know what to do instead.

If you want to get in the streets and create real change in today’s world, then the targets need to be more than symbolic, and the protest more than just saying hooray for our side. That’s the reality in 2010.