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The Times needs to go to the original source. CalPers has over $200billion in unfunded liabilities and CalStrs has close to $50billion in unfunded liabilities.
"Coming up with the money to pay for future obligations is expected to burden state and local governments and school districts with huge retirement costs that could translate into higher taxes and fewer basic services for the next generation of taxpayers.
In all, state governments face a $1-trillion shortfall, the difference between what they owe current and future retirees and what they expect to have available to pay promised benefits.
California's two big systems accounted for $122 billion of the deficit as of June 30, 2008. Unfunded pension costs totaled $59.5 billion while unfunded healthcare costs were $62.5 billion."
Every added dollar to pay off the pension disaster is a dollar less for schools, cops and basic services.
We are in a mess and government continues to raise taxes and spending. Time for a voter revolt before everything collapses.
More...
"Coming up with the money to pay for future obligations is expected to burden state and local governments and school districts with huge retirement costs that could translate into higher taxes and fewer basic services for the next generation of taxpayers.
In all, state governments face a $1-trillion shortfall, the difference between what they owe current and future retirees and what they expect to have available to pay promised benefits.
California's two big systems accounted for $122 billion of the deficit as of June 30, 2008. Unfunded pension costs totaled $59.5 billion while unfunded healthcare costs were $62.5 billion."
Every added dollar to pay off the pension disaster is a dollar less for schools, cops and basic services.
We are in a mess and government continues to raise taxes and spending. Time for a voter revolt before everything collapses.
More...