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Here is the bad news. You know we have another massive deficit, high taxes, AB 32 killing the State. We have a DEBT of over $140 billion.
Now we will have to come up with tax dollars to shore up CalPers, which got harmed by the special interest that runs the system and the contracts that caused the over $200 billion in unfunded liabilities--the unions.
Get ready for the pension implosion. This will be the next major crisis for California to handle.
"David Crane, an economics adviser to Mr. Schwarzenegger, said the fund's losses mean "there is less money for parks and recreation, less money for the University of California, less money for health and human services."
For the 2009-2010 fiscal year, Mr. Crane said the state had to spend an additional $3.3 billion from its general-fund budget to make up for Calpers's poor performance. The state is expecting to cover further Calpers losses in the next fiscal year as well. Those expenses add to the financial troubles California has faced in the past year, including a $60 billion budget shortfall that lawmakers closed by increasing taxes, slashing spending and raiding the coffers of already cash-strapped cities and counties."
Oh you may not know David Crane--he is the prime mover behind the High Speed Rail boondoggle that will add billions to our deficit in the future.
More...
Now we will have to come up with tax dollars to shore up CalPers, which got harmed by the special interest that runs the system and the contracts that caused the over $200 billion in unfunded liabilities--the unions.
Get ready for the pension implosion. This will be the next major crisis for California to handle.
"David Crane, an economics adviser to Mr. Schwarzenegger, said the fund's losses mean "there is less money for parks and recreation, less money for the University of California, less money for health and human services."
For the 2009-2010 fiscal year, Mr. Crane said the state had to spend an additional $3.3 billion from its general-fund budget to make up for Calpers's poor performance. The state is expecting to cover further Calpers losses in the next fiscal year as well. Those expenses add to the financial troubles California has faced in the past year, including a $60 billion budget shortfall that lawmakers closed by increasing taxes, slashing spending and raiding the coffers of already cash-strapped cities and counties."
Oh you may not know David Crane--he is the prime mover behind the High Speed Rail boondoggle that will add billions to our deficit in the future.
More...