CA Pensions Cost HOW MUCH?!?!?!


Inquiring minds are looking at an article from the CBS Los Angeles showing just how much the lavish public employee pensions are costing each Californian. In “Report: California Pensions Cost Each Resident $3,000“:

The Milken Institute, an independent think tank, said California’s pension obligations to retired state workers already cost each Californian $3,000 every year. By 2014, that cost could go up to $10,000 a year, the group’s report said.

“If we stopped everything today, we would be 500 billion dollars in the hole, of what we owe people that we’ve promised already,” said Marcia Fritz, a pension reform activist with CaliforniaPensionReform.com.

CalPERS, the state’s largest pension system, pays out pensions of $100,000 or more to more than 9,000 retirees. CalSTRS, the pension system for teachers, gives out retirement packages of more than $100,000 a year to more than 3,000 retirees.

Amazing the Meg Whitman never used this for campaign material. How could she have missed this?

Want to know how to realize just how bad this issue is? Read this:

No one from CalPERS would go on camera to comment on the report, but said, “We consider it to be a biased report based on artificial assumptions.”

When was the last time that you saw a union decide NOT TO DEFEND an issue?

California is about to re-elect their mistake from 1975? Retro is understandable when a generation is looking to enjoy the fun times and successes of their youth. But to want to re-live your catestrophic mistakes… that is very strange.

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2 Responses

  1. […] much has been written about The California Public Employees’ Retirement System (CalPERS) being underfunded by $500 billion due to massive investment losses over the last 5-10 years. Now we have video of a CalPERS Senior […]

  2. […] California Pensions Cost HOW MUCH? […]

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