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The State of California lies about the unfunded pension liabilities--then calls those who find the truth liars.
"Stanford University last week released a study that said that California's public pension systems had bigger funding gaps than official figures portray. The study put the combined long-term shortfall facing state's three big retirement funds in July 2008 at $452 billion. Yet the pension funds for public workers, teachers and the University of California officially listed a combined $55.4 billion shortfall.
The state's public pension systems quickly disputed that finding, accusing the Stanford report of funny math, and noting the funds followed standard governmental accounting rules. The study's point, however, was that those rules camouflage the true cost of public retirements -- which can be convenient for politicians and public employee unions, but disastrously expensive for taxpayers."
So what if the State follows "standard government accounting rules"? CalPRS is still unfunded by hundreds of billions of dollars--it is not the process, it is the bottom line that counts.
California is broke, our pensions are unfunded. We are in a Depression and the State is worried about accounting rules, instead of the truth. This is really dumb that we allow and accept this incompetence by government.
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"Stanford University last week released a study that said that California's public pension systems had bigger funding gaps than official figures portray. The study put the combined long-term shortfall facing state's three big retirement funds in July 2008 at $452 billion. Yet the pension funds for public workers, teachers and the University of California officially listed a combined $55.4 billion shortfall.
The state's public pension systems quickly disputed that finding, accusing the Stanford report of funny math, and noting the funds followed standard governmental accounting rules. The study's point, however, was that those rules camouflage the true cost of public retirements -- which can be convenient for politicians and public employee unions, but disastrously expensive for taxpayers."
So what if the State follows "standard government accounting rules"? CalPRS is still unfunded by hundreds of billions of dollars--it is not the process, it is the bottom line that counts.
California is broke, our pensions are unfunded. We are in a Depression and the State is worried about accounting rules, instead of the truth. This is really dumb that we allow and accept this incompetence by government.
More...