The same CA progressives complaining about Republican tax reform because of the federal deficit turn a blind eye to the massive pension debt here. "Borenstein: CalPERS about to bury taxpayers, cities, counties in more debt." https://t.co/QxL5mdVBNZ via @mercnews— Jon Coupal (@joncoupal) December 18, 2017
Brace yourself taxpayers: CalPERS is about to bury you deeper in debt.
The nation’s largest pension system is expected to adopt a funding plan this week that anticipates shortfalls during the next decade and then banks on exceptional investment returns over the following half century to make up the difference.
It’s an absurd strategy designed to placate labor unions, who want more public money available now for raises, and local government officials who are struggling to make annual installment payments on past debt CalPERS has rung up.
And it highlights why the California Supreme Court, which is currently considering a key case on pension rights, and state lawmakers must do more to rein in public employee retirement costs. We can’t afford the current system....