Dear Friend of America's Survival,
The People's Republic of California is in the news because of liberal-leftist policies, including wild spending, abortions on college campuses, and blackouts. In the area of spending, another big problem for the Golden State -- its public pension system is going broke.
David Crane of Stanford wrote a 2010 Wall Sreet Journal article noting that the Dow would have to reach 28,000,000 -- 28 MILLION -- by 2099 for the state to achieve the investment returns necessary to pay for its state pension fund (Calpers) costs and liabilities.
More recently, the CalMatters website notes, "With very little media notice, the Federal Reserve System late last year doubled its calculation of state and local governments’ unfunded pension liabilities to $4.1 trillion, using a new methodology that was devised by the federal Bureau of Economic Analysis." It says that using this new methodology, "CalPERS’ current unfunded liabilities, officially $179 billion, could be more like $360 billion, completely overwhelming the fund’s current assets and making it, on paper at least, hopelessly insolvent."
For America's Survival,