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This will be difficult. The State is trying to take $4 billion from the cities. At the same time CalPers is going to demand an increase in contributions from the cities.
Claiming to make it better, they will spread those out over 30 years--can you imagine what the actual costs will be? Remember cash up front is one price--but add 30 years of interest?
Add to this the fact that many cities and counties are considering bankruptcy--this is a mess. Pensions are "first" dollars from a government budget.
If you think we are out of the woods with a "new" budget wait till the pensions explode.
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Claiming to make it better, they will spread those out over 30 years--can you imagine what the actual costs will be? Remember cash up front is one price--but add 30 years of interest?
Add to this the fact that many cities and counties are considering bankruptcy--this is a mess. Pensions are "first" dollars from a government budget.
If you think we are out of the woods with a "new" budget wait till the pensions explode.
More...