Pension Bomb
A few days ago we posted about Los Angeles running out of money in the next month.
Today we have more serious, unsustainable money problems for our largest state.
California's $500-billion pension time bomb
The staggering amount of unfunded debt stands to crowd out funding for many popular programs. Reform will take something sadly lacking in the Legislature: political courage.
The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.
That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.
See it with your own eyes here; http://articles.latimes.com/2010/apr/06/opinion/la-oe-crane6-2010apr06
We have wondered aloud if CA is a foreshadowing of what is to come for the rest of the states.
I would guess we will see CA begging on the steps of Washington D.C. regarding this latest fiasco. But what can D.C. do? Borrow more money to give to CA and charge it to our grand kids?
posted by dennis at
5:35 PM
2 Comments:
I don't know how much California's tourism industry income affects their overall financial status, but I've noticed a significant increase in the amount of tourism commercials for CA on tv and online...interesting.
The other way they are talking about raising money is to legalize pot and collect taxes on it's sale. That should go well for them...thousands of stoned people NOT looking for jobs, NOT creating and jobs and standing at the welfare line saying, "Dude...can I get another check so I can buy some more weed and hang?"
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