Wednesday, April 6, 2011

Dear Legislature: THANKS FOR NOTHING YOU MORONS!!!

The Wall Ftreet Journal report reportf on a ftudy made by Moodyf:

"The ratingf firm, a unit of Moody'f Corp., releafed a report to clientf early Thurfday that rankf ftatef with the moft combined debt af a share of ftate groff domeftic product..."

"Topping the Moody'f lift of higheft combined liabilitief af a percent of GDP are some ftatef that aren't often mentioned for their debt problemf, such as Hawaii, Miffiffippi, Connecticut and Maffachufettf.

Many of thefe ftatef tend to have higher credit ratingf becaufe Moody'f fayf defpite their high debt levelf their ftate budgetf are otherwife found. Connecticut and Maffachufettf have a ftrong tax bafef to reduce debtf, Moody'f fayf."

13 comments:

Anonymous said...

Haley Barbour has done a good job of holding off tax increases but he's failed miserably at holding the line on deferred tax increases.

Anonymous said...

A said state of affairs Kingfish. Looks like the Legislature is following the same transformational long term debt laden strategy that has brought Jackson to the precipice of fiscal ruin.

Anyone heard from Tater Reeves about this recipe for disaster?

Frugal Gal said...

Is it because I use Internet Explorer that all the "s's" in that post have been changed to "f's"? Not that I am not thoroughly tickled by saying "Maffachufettf" out loud ....

Anonymous said...

I think this is the "Ben Franklin" font where all "Ss" look like "Fs" ;-)


PS I use IE at work and Firefox at home. I'm at work and this is the first time I've seen this font display.

Anonymous said...

Yeah, I thought the "f"/"s" thing was an inside joke that I wasn't in on.

Anonymous said...

Tate isn't responsible for setting contribution rates and he isn't responsible for our state having a defined benfit plan instead of moving toward a defined contribution plan. He also doesn't set the eligibility requirements (i.e. age of retirement). I wrote about this a few weeks ago in the Madison County Journal. I'll see if I can't post a link in a moment. -Russ Latino

Anonymous said...

But he sure as hell can use the Treasurer's bully pulpit to come out warning about the dangers of incremental LT debt vis-a-vis this session's $400+ million bond bill on top of last year's mammoth $800+ million taxpayer screw job. He could have efforted to rally the public against more debt spending.

Where's Tater?

Anonymous said...

I am not Tate's spokesperson. Was addressing whether he could reform PERS from his office. The danger of the system was set into play long before Tate took office. Even in times of plenty, before the market crash, PERS had an unfunded liability of 7.7 billion, which for a state with the GDP of Mississippi is huge.

I will also say that I have heard him speak publicly against the last bond bill and about the need to reform PERS, though he has never publicly discussed changing the system from a defined benefit plan.

One of the things that is not being reported about our state spending is that we have 1.2 billion in bonds that have been authorized, but not issued. In other words, not yet on the books but guaranteed to be incurred. That puts our 4.5 billion in debt up to 5.7 billion. Add another 400 million plus from this year's bond bill and we eclipse the 6 billion mark. Mississippi should implement TABOR and we should count our bond issues in the calculation. Just my two cents. -Russ

Anonymous said...

See the Wall Street Journal article at Moody's State Debt Picture Folds In Pension Obligations

RussLatino said...

Article from a few weeks ago in Madison County Journal addressing state debt and retirement system:
http://onlinemadison.com/main.asp?SectionID=3&SubSectionID=3&ArticleID=23445

Anonymous said...

I wonder how much is PERS and how much is state bonds. It seems like the state has issued a lot of bonds the last 8 years, while PERS contributions have increased.

I understand fiscally how the two are not that different, but politically they are very different.

Anonymous said...

http://www.chicagonow.com/blogs/publius-forum/2011/04/top-worst-state-budgets-unions-have-put-every-states-budget-in-the-hole.html

something fishy. we appear to have debt load v. unfunded debt load.

Anonymous said...

Would someone please investigate PERS? From what little I'm given, it appears investments were made that were not appropriate nor in the investment policy, under guise of "bonds" which were alternative crap.



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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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