Lance Roberts and John Coumarianos examine the evidence as California’s state pension plan begins to writhe in the wind….(read more)
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Everything until Prop 13 was hot air. Prop 13, a massively conservative move to chop taxes for property owners has left the state crippled.
Funny how you spent all of 10 seconds discussing the real issue.
Thinking through the inevitable reduction in benefits of CalPERS, who will bear the larger cuts?? Will the former employees of The State of California, who paid into the system, see a VERY large cut, and the people who NEVER PAID into the system see a infinitesimal cut, or possibly NO CUT??
You say people who never paid into CalPERS receive no benefits?? WRONG!! The State of California, i.e. the taxpayers of California, also supports MILLIONS of illegal aliens, and MILLIONS of tent residents. All the money comes from the same pot will support CalPERS massive and inevitable shortfall AND people who have never, and will never, contribute.
The interesting question is: Which group will take the larger cu
If I don't make enough, it's time to eat beanee weenee. Why do I owe these people a living?