The Big Ragu
Well-Known Member
- Joined
- Nov 14, 2002
- Messages
- 30,281
I saw something recently that the unfunded public pension liabilities statewide are about $200 billion and increasing.
I reflexively hate politicians, especially those who affiliate themselves with the two major parties. But John Chiang is the man. I am still trying to figure out what the catch is with him. I am so cynical.
Calpers' liabilities were no secret -- I think it hit a lot of people's radar screens when you started getting some of the bankruptcies, like in San Bernardino, and people were taking stock of the liabilities. But even before that, I had been reading negative things for more than a decade from people who analyze the state's muni bonds -- what a joke the pension system was and how everyone had their head in the sand. The website Chiang created is pretty cool -- it's transparent in a way that you rarely get from government. Anyone who lives in Cali, and wants to, can now see what a mess the state put them on the hook for. There is no way the state is ever going to make good on those promises.
I reflexively hate politicians, especially those who affiliate themselves with the two major parties. But John Chiang is the man. I am still trying to figure out what the catch is with him. I am so cynical.
Calpers' liabilities were no secret -- I think it hit a lot of people's radar screens when you started getting some of the bankruptcies, like in San Bernardino, and people were taking stock of the liabilities. But even before that, I had been reading negative things for more than a decade from people who analyze the state's muni bonds -- what a joke the pension system was and how everyone had their head in the sand. The website Chiang created is pretty cool -- it's transparent in a way that you rarely get from government. Anyone who lives in Cali, and wants to, can now see what a mess the state put them on the hook for. There is no way the state is ever going to make good on those promises.
