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Here are the facts: The State government pension plans have over $500 billion in unfunded liabilities.
"Researchers tallied CalPERS' unfunded liabilities at $239.7 billion and CalSTRS' liabilities at $156.7 billion.
The new figures are significantly higher than previous estimates from the pension funds. In July 2008, CalPERS estimated its unfunded liabilities at $38.6 billion and CalSTRS estimated its liabilities at $16.2 billion (AP/Ventura County Star, 4/5)." See this story here.
In two years the teachers fund LOST $140 billion and CalPers lost $201 billion.
Worried yet--that is just two years--who is going to pay and what will it cost to meet our contractual obligations for these pensions?
California is bankrupt--we run out of General Fund money in less than 60 days. Our debt in over $600 billion--with these new pension fund debts, it is over $800 billion. Yet, Sacramento is worried about what jobs to kill next and how big a rug we need to sweep the disaster under.
We are in trouble and the children in Sacramento do not seem to care.
More...
"Researchers tallied CalPERS' unfunded liabilities at $239.7 billion and CalSTRS' liabilities at $156.7 billion.
The new figures are significantly higher than previous estimates from the pension funds. In July 2008, CalPERS estimated its unfunded liabilities at $38.6 billion and CalSTRS estimated its liabilities at $16.2 billion (AP/Ventura County Star, 4/5)." See this story here.
In two years the teachers fund LOST $140 billion and CalPers lost $201 billion.
Worried yet--that is just two years--who is going to pay and what will it cost to meet our contractual obligations for these pensions?
California is bankrupt--we run out of General Fund money in less than 60 days. Our debt in over $600 billion--with these new pension fund debts, it is over $800 billion. Yet, Sacramento is worried about what jobs to kill next and how big a rug we need to sweep the disaster under.
We are in trouble and the children in Sacramento do not seem to care.
More...