Thought lefty Cali in trouble from debt? Take a look at their PUBLIC pension debt.

KingCondanomation

KingCondanomation

New member
This state is so screwed. Yes it has a Republican governor for the last few years but he is more of a lefty than a Conservative, we all know that.

"Study: California Public Pensions Underfunded by Over $500B

California's three major public pension funds are underfunded by more than half a trillion dollars, according to a report released Monday, the San Jose Mercury News reports.

Gov. Arnold Schwarzenegger (R) commissioned the study, which was prepared by graduate students at the Stanford Institute for Economic Policy Research (Theriault, San Jose Mercury News, 4/5).

The study examined:

The California Public Employees' Retirement System;
The California State Teachers' Retirement System; and
The University of California's retirement system (Walters, "Capitol Alert," Sacramento Bee, 4/5).
The three systems serve about 2.6 million retirees (Bussewitz, AP/Ventura County Star, 4/5).

Report Details

The Stanford report estimates that California's shortfall for government pensions and health care benefits is about $535 billion (Anderson, Contra Costa Times, 4/5)."
http://www.californiahealthline.org...public-pensions-underfunded-by-over-500b.aspx

Well the only answer is to start a giant new health spending program and call it "reform", worked for Obama. THAT will help get the debt under control.
Makes you wonder if Liberals live in opposite day every day.
 
I got zero challange to that. It must be scary as shit for the workers. Lot's of em took lower paying jobs due to the great pension PROMISE that will likely be significantly reduced.
 
Its all relative.....

The deficit for all of 2009 hit a record $1.4 trillion and the Obama administration is forecasting that the deficit for this year will hit $1.56 trillion and will remain above $1 trillion for a third straight year in 2011.

4 trillion in 3 years for the spenders in DC...thats Congress in case you didn't know.
If we paid this bill at $1 per second it would only take about 125,000 years.
SO,,,
California is in great shape

On second thought, I lied...it would take California about 168,000 years to pay back 535 billion
 
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bravo said:
Its all relative.....

The deficit for all of 2009 hit a record $1.4 trillion and the Obama administration is forecasting that the deficit for this year will hit $1.56 trillion and will remain above $1 trillion for a third straight year in 2011.

4 trillion in 3 years for the spenders in DC...thats Congress in case you didn't know.
If we paid this bill at $1 per second it would only take about 125,000 years.
SO,,,
California is in great shape

On second thought, I lied...it would take California about 168,000 years to pay back 535 billion
Click to expand...

I've never been happy with Arnold and the Democratic legislature has really screwed us.
 
My guess the deems give in to modest cuts and sell massive tax increases on the already overburdened but coolest people in the country.
 
The main problem with pensions is that we had a baby boom with a huge population feeding into the benefit system, making it seem easy to pay for them. They didn't save up the surpluses they got from the baby boom, they just spent it on other things. Now we have generation X coming along, and it's much smaller.

Either the benefits are going to have to be cut or taxes are going to be raised, probably both at the same time. If they wouldn't have spent the imaginary surplus it wouldn't have mattered.
 
christiefan915 said:
I remember when Davis was recalled and Arnold became governor, righties were euphoric.
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Depending on who you call righties. Tom McClintock was the choice of conservatives in the race. I don't really remember Republicans here being euphoric about Arnold but I know people were happy Davis was gone. Arnold's turned out to be pretty disappointing. He attempted to do some good things but did not succeed.
 
cawacko said:
Depending on who you call righties. Tom McClintock was the choice of conservatives in the race. I don't really remember Republicans here being euphoric about Arnold but I know people were happy Davis was gone. Arnold's turned out to be pretty disappointing. He attempted to do some good things but did not succeed.
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You basically have to move a mountain to change anything in California. It's gridlock central.
 
The State with the largest economy and most natural resources tried socialism and it didn't work. I guess that means we need to try socialism on the federal level. :rolleyes:
 
SmarterThanYou said:
of course. socialists will tell you that it only works on a bigger scale. like gun control.
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Yes, just like it would have worked in the USSR if we had only let them take over the world, and is now failing in the EU since they're only several hundred million people.
 
Southern Man said:
The State with the largest economy and most natural resources tried socialism and it didn't work. I guess that means we need to try socialism on the federal level. :rolleyes:
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The funny thing about that is that a large portion of the underfunded liabilities are due to market losses on investments by the pension funds.
 
NigelTufnel said:
The funny thing about that is that a large portion of the underfunded liabilities are due to market losses on investments by the pension funds.
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Imagine that. You'd think those folks would hire some investors who could manage those funds a little better. Perhaps the guy I use.
 
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