CalPERS does the right thing?

by CalWatchdog Staff | June 16, 2010 12:11 pm

Anthony Pignataro:

So CalPERS [1]just voted [2]to spend a bit more General Fund money on our state’s Mount Everest-like public employee pension debt, which is estimated to run about half a trillion dollars[3]. Almost immediately, David Crane[4], the Governor’s Special Adviser on Jobs and Economic Growth did what he does best, which is to explain [5]the state’s monstrous pension debt as a theft from potential progressive spending:

“Today CalPERS took a small but necessary step towards ending the practice of shifting costs to future generations. Pension promises are debts, and the longer payments are deferred, the more costly they become – diverting even more money away from universities, parks and public safety to pay for retirement costs. However, this is just a beginning. To stop adding to the state’s $500 billion of pension debt, the legislature must enact comprehensive pension reform that includes lower benefits for new employees and full disclosure by our pension funds.”

Source URL: https://calwatchdog.com/2010/06/16/5824/

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