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The good news is that the pension system will get a new infusion of money.
The bad news is that it will cost jobs. Makes the California Depression worse.
"As CalPERS phases in a big rate hike for employers to cover historic investment losses, a second increase is likely to be added because a new study found that workers are living longer, earning more pay and retiring earlier......Ron Seeling, the former chief actuary, retired last month. He warned last year that CalPERS, without a turnaround in investments, could face unsustainable increases of 25 percent in contributions for most workers and 40 to 50 percent for police and fire."
This increase will create a massive deduction in government jobs. The good news is that most people will not even notice, since government employment has been bloated for years.
As long as we refuse tax increases, we will be OK. it will take a generation to return fiscal responsibility to government budgets...but it can be done.
Get angry or get poor.
More...
The bad news is that it will cost jobs. Makes the California Depression worse.
"As CalPERS phases in a big rate hike for employers to cover historic investment losses, a second increase is likely to be added because a new study found that workers are living longer, earning more pay and retiring earlier......Ron Seeling, the former chief actuary, retired last month. He warned last year that CalPERS, without a turnaround in investments, could face unsustainable increases of 25 percent in contributions for most workers and 40 to 50 percent for police and fire."
This increase will create a massive deduction in government jobs. The good news is that most people will not even notice, since government employment has been bloated for years.
As long as we refuse tax increases, we will be OK. it will take a generation to return fiscal responsibility to government budgets...but it can be done.
Get angry or get poor.
More...