As Lawrence McQuillan has noted, unfunded pension liabilities have soared to $4.7 trillion nationwide and California accounts for $550 billion to $750 billion of the total. A case outlined by Brad Branan in the Sacramento Bee shows why California is a leader in this field. In Loomis, near Sacramento, town councilman Brad Wheeler was…
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In California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, Lawrence McQuillan discovered that California accounts for $550 billion to $750 billion of the $4.7 trillion in unfunded pension liabilities nationwide. The biggest player is the California Public Employees’ Retirement System (CalPERS) which in 1999 assured legislators that its investment earnings would…
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California taxpayers, the most embattled in the nation, have good reason to wonder how much their government is spending. According to Dan Walters of the Sacramento Bee, a veteran observer, government is spending a lot more than people think. The 2015 state budget has been reported as $115.4 billion, for the general fund, and…
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