More Scary State News
Largely ignored by the press and most politicos over the last decade is the unsustainable pension system we have for public employees in California. Some, myself included, have been trying to sound the alarm over this for some time.
Now the situation has ripened and more and more newspapers are starting to cover the issue. It seems worse now than anyone had imagined.
The Daily News reported a couple days ago on a study done at Stanford University that showed California's public pension system- that's government employee retirements, for those of you in Arcata- is currently underfunded by more than half a trillion dollars!
I guess that means we're all gonna have to find a way to come up with $36,000.00 to help keep the system solvent, huh?
Actually, this makes the state general fund problems look like child's play. I don't see how this is fixable no matter who the next governor is.
posted by Fred Mangels @ 7:34 AM
1 comments
1 Comments:
Your absolutely right Fred. It's insolvent, but that has been the new "normal" for at least three decades now. Every large business venture has operated this way, "betting" on the prosperity of the future to fund the excesses of the now. IPO's in the 1990's, energy (think Enron) in the 2000's, and now government in the 2010's.
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