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Stanford says the unfunded liabilities of CalPRS are about $525 billion. Yet Jerry Brown says almost nothing about this disaster in the making the Sacramento Bee announced this morning that the City of Sacramento has to spend another $5 million on pension contributions. It is already running a deficit--this makes it worse.
who should believe the tens of millions of added pension contributions, and tens of millions of service cuts, or the unions--who have sledom been known to tell the truth. Remember, the unions extort money from workers--either pay us or you do not work.
"If there’s one thing California’s public employee unions hate, it’s the Stanford report – so they are decidedly unhappy with Percy’s appointment. When Percy et. al. released their study (which you can download here), CalPERS immediately fired off a page chock full of stats that lacked one critical piece of information: Its own calculation of the unfunded liability. I’ve spent over 30 years in the communications business where we have a word for that sort of thing: stupid.
The unions’ pension unfunded liability calculation, it turns out, is about one-tenth that of Stanford’s: a measly, insignificant $55 billion. Why worry? That’s only $1,500 out of the pockets of every man, woman and child in the state and, heck, it’s not going to get any bigger, right?"
Guess Jerry is going to allow the pension systems to collapse--because he has been told by his owners that there is no problem.
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who should believe the tens of millions of added pension contributions, and tens of millions of service cuts, or the unions--who have sledom been known to tell the truth. Remember, the unions extort money from workers--either pay us or you do not work.
"If there’s one thing California’s public employee unions hate, it’s the Stanford report – so they are decidedly unhappy with Percy’s appointment. When Percy et. al. released their study (which you can download here), CalPERS immediately fired off a page chock full of stats that lacked one critical piece of information: Its own calculation of the unfunded liability. I’ve spent over 30 years in the communications business where we have a word for that sort of thing: stupid.
The unions’ pension unfunded liability calculation, it turns out, is about one-tenth that of Stanford’s: a measly, insignificant $55 billion. Why worry? That’s only $1,500 out of the pockets of every man, woman and child in the state and, heck, it’s not going to get any bigger, right?"
Guess Jerry is going to allow the pension systems to collapse--because he has been told by his owners that there is no problem.
More...