April 28, 2020
28 Apr 2020

Political Update – April 28, 2020

Nevadans could see $6 billion increase in pension debt, as economy falters

Robert Fellner
Nevada Policy Research Institute

April 23, 2020

Nevada Policy has written extensively on the hidden risk associated with Nevada’s public pension system (PERS).

A new tool from the Reason Foundation allows users to get a sense of the magnitude of the risks associated with current funding practices. According to their projections, if Nevada PERS records a 5 percent investment loss this year — a distinct possibility given their current status — the system’s debt will explode from $14 billion to nearly $20 billion.

This would require a significant increase in the costs imposed on taxpayers and public workers, continuing the decade-long trend of requiring both groups to pay more, while getting less in return.

This outcome reflects a system which intentionally pushes costs onto future generations. The most prominent example of this approach, and most dangerous, is the treatment of assumed future investment returns as certain. Consequently, when investments do underperform, like in the current economic recession, the resulting cost increase only appears after the fact — precisely when taxpayers and government employers can least afford it.

A proper funding approach would recognize the impact of investment returns after they had been realized, rather than before. Such an approach is mandated for private U.S. pension plans as well as public and private pension plans in most of Canada and Europe.

To get a sense of the full range of possibilities, and thus the range of risk being imposed on public workers and taxpayers, whether they like it or not, be sure to explore the new interactive tool from the Reason Foundation: Previewing the COVID-19 Impact on State Pension Plans.

*IMPORTANT*

Quote of
the week

 


Quote:

“…if Nevada PERS records a 5 percent investment loss this year — a distinct possibility given their current status — the system’s debt will explode from $14 billion to nearly $20 billion.”

Robert Fellner

Settelmeyer calls on Sisolak to talk about re-opening Nevada

Geoff Dornan
Nevada Appeal

April 16, 2020

Senate Minority Leader James Settelmeyer, R-Gardnerville, this week sent a letter to Gov. Steve Sisolak asking him to begin explaining to the public and Legislature his plan to re-open Nevada’s businesses and the economy.

In Elko, impatience is a virtue

Reece Keener
Elko Mayor

April 16, 2020

Dear Neighbors, Just as we crossed the first finish line established by the “Stay Home for Nevada” initiative, we entered the second phase that was set to expire on April 30th. Stunningly, the goal posts were moved for a third time, to a vague and nebulous point somewhere on the distant horizon: “14 consecutive days of declining infection rates.”

 


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To recruit, support and advocate for candidates for public office who support private sector job creation, low taxation, a responsible regulatory environment, and effective delivery of essential state services.

Keystone’s Mission:

• To focus on candidate support on state legislative races and the governor’s office.
• To oppose any form of corporate income taxes or other business taxes that discourage capital investment and therefore job creation.
• Support limiting Nevada state government spending to the rate of population growth.

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April 21, 2020
21 Apr 2020

Political Update – April 21, 2020

The Time is Now to Start the Process of Reopening Nevada

Assembly Republican Caucus
April 20, 2020

Last week, President Trump laid down guidelines for safely Opening Up America Again using an evidence based phased in approach. Similarly, throughout the country, several states have begun to talk about ways to reopen their economies so that people can get back to work and feed their families. Hard hit states like New York and New Jersey, states with higher confirmed cases like Texas, and states with similar confirmed cases like Utah are having conversations about how to reopen their economy in consultation with health officials and public and private partnerships. So why not Nevada?

Since Governor Sisolak’s mandatory shut down of non-essential businesses, Nevadans have been looking for the faintest sign of a plan or hope to get them back to work. As days turn into weeks, Nevadans are still left without answers or hope as they wait for Governor Sisolak to present a plan. This past weekend, in an attempt to have their voices heard, hundreds of Nevadans took to the streets demanding answers from Governor Sisolak. People should not have to resort to ignoring health guidelines to get the attention of their elected officials.

Assembly Republicans are ready to have the conversation about reopening Nevada. Based on data from medical health experts, we are near our peak in terms of COVID-19 cases. Nevada should begin having conversations on how to reopen our economy, using best practices and guidance from health officials.

Based on best practices from around the country and proper safeguards, we have identified four recommendations Governor Sisolak can begin to implement immediately to reopen our economy. 

Framework to Reopen Nevada

Join the California, Oregon and Washington Western States Pact

  • Governor Sisolak should join the Western States Pact and work with our regional partners on best practices to mitigate the spread and economic impact of the coronavirus.

Establish a regional plan to modify and/or ease Nevada’s stay at home orders

  • Follow guidelines from the President’s Coronavirus Guidelines for America and Centers for Disease Control and Prevention (CDC) recommendations.
  • Plan should be based on increased testing capabilities and assurances of hospital readiness.
  • Continue to adhere to public health guidelines that include practicing good hygiene, environmental cleanliness and sanitation, implementing social distancing, and working from home if possible.

Immediately establish a bi-partisan taskforce to advise on a strategy to re-open Nevada

  • Include healthcare officials, business stakeholders, and a bi-partisan group of lawmakers.
  • Set a safe, gradual and phased opening plan based on the President’s Coronavirus Guidelines for America and Centers for Disease Control and Prevention (CDC) recommendations
  • Establish strict business and employee guidelines for re-opening businesses.

Immediately establishing a curbside pickup model that will allow non-essential retail businesses to open

  • Examples include pickup, delivery by mail, or delivery to the customer’s doorstep in strict compliance with the President’s Coronavirus Guidelines for America and Centers for Disease Control and Prevention (CDC) recommendations.
  • Continue to adhere to public health guidelines that include practicing good hygiene, environmental cleanliness and sanitation, implementing social distancing, and working from home if possible.

As unemployment continues to sore and businesses struggle to keep employees on payroll, Nevadans are looking at their leaders for hope and guidance. The health and safety of Nevada families is paramount, but so is their livelihood and ability to provide for their families.

The time to have a serious conversation about Nevada’s economy is now. Nevada cannot continue to be kept in the dark by their leaders. Assembly Republicans will continue to work in a bi-partisan manner to develop and implement commonsense solutions for Nevadans. There is a light at the end of the tunnel and we will get there together.

*IMPORTANT*

Quote of
the week

 


Quote:

“The time to have a serious conversation about Nevada’s economy is now. Nevada cannot continue to be kept in the dark by their leaders.”

Assembly Republican Caucus

VICTOR JOECKS: Sisolak to blame for reduced Unemployment Insurance staffing

Victor Joecks
Las Vegas Review-Journal

April 18, 2020

Gov. Steve Sisolak is being disingenuous in his attempt to hide that he successfully recommended cutting staff in Nevada’s unemployment insurance office.

On Tuesday, Sisolak held a press conference addressing the struggles people are having filing for unemployment. There haven’t been enough staff to handle the level of calls coming in. That’s led to a legion of complaints about people not being able to get through or even leave a message. Sisolak assured Nevadans that those problems aren’t his fault.


Follow Keystone Online

     

Keystone’s Mission:

To recruit, support and advocate for candidates for public office who support private sector job creation, low taxation, a responsible regulatory environment, and effective delivery of essential state services.

Keystone’s Mission:

• To focus on candidate support on state legislative races and the governor’s office.
• To oppose any form of corporate income taxes or other business taxes that discourage capital investment and therefore job creation.
• Support limiting Nevada state government spending to the rate of population growth.

P.O. Box 93596 | Las Vegas, NV 89193-3596

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April 14, 2020
14 Apr 2020

Political Update – April 14, 2020

LETTER: Nevada’s public employees should share the economic pain

Timothy Underwood
Letter to the Editor
Las Vegas Review-Journal

April 5, 2020

The peril Nevadans face because of the Chinese coronavirus and Gov. Steve Sisolak’s ban on businesses is serious. The economic consequences could lead Nevadans to their grave, just as this disease can. About 93,000 of us filed for unemployment recently — an 182 percent increase. Every week, Nevadans lose millions in income.

Desperate circumstances require desperate measures, as our governor has taught us. Therefore, we the people of Nevada demand equality under the law. The governor must shut down all nonessential state departments and stop their payrolls. The savings of taxpayer dollars should then be redistributed to the residents of Nevada.

Why should the political class benefit as we flounder?

*IMPORTANT*

Quote of
the week

 


Quote:

“Gov. Steve Sisolak this month told state agencies to plan to cut their fiscal year 2021 budgets between 6 and 14 percent. Clark County Manager Yolanda King has forecast $1.1 billion in lost revenue over the next 12 to 18 months.”

Michael Scott Davidson

At least 18,000 public union workers see contracts suspended due to virus

Michael Scott Davidson
Las Vegas Review-Journal

April 10, 2020

Public union contracts covering more than 18,000 hospital workers, police officers and other government employees have fallen victim to Nevada’s coronavirus outbreak.


Follow Keystone Online

     

Keystone’s Mission:

To recruit, support and advocate for candidates for public office who support private sector job creation, low taxation, a responsible regulatory environment, and effective delivery of essential state services.

Keystone’s Mission:

• To focus on candidate support on state legislative races and the governor’s office.
• To oppose any form of corporate income taxes or other business taxes that discourage capital investment and therefore job creation.
• Support limiting Nevada state government spending to the rate of population growth.

P.O. Box 93596 | Las Vegas, NV 89193-3596

To ensure that you continue receiving email updates,

please add Info@KeystoneNevada.com to your address book or safe list.
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