by CalWatchdog Staff | May 8, 2013 12:54 pm
May 8, 2013
By John Seiler
As Ed Ring notes today, the state of California has run up a “Wall of Debt” of $1.126 trillion. That’s $1,126,000,000,000,000.00.
There are 38 million Californians. So it comes to $29,632 per person, including newborn babies.
A large chunk of that debt has been run up by the California Teachers’ Retirement System. According to a March 20 report by the Legislative Analyst, CalSTRS alone suffers “Unfunded Liabilities of About $70 billion.”
But look what CalSTRS features on the front of its Web page: a picture of a little baby, just starting out on life in California.
Supposedly the baby somehow is helped by CalSTRS. Strangely, CalSTRS asks the baby, “How Will You Spend Your Future?”
The little baby is laughing, so he has no idea what his nightmare future will be: Working 50 years to pay off the massive debt to CalSTRS and the rest of the California Wall of Debt.
Source URL: https://calwatchdog.com/2013/05/08/calstrs-baby-owes-29632-already/
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