Lawmakers still turn blind eye toward our pension debt

File – In this May 13, 2014, file photo, Gov. Jerry Brown points to a chart showing his plan to fund teacher pensions as he unveils his revised 2014-15 state budget at the Capitol in Sacramento, Calif. about whether the Treasury needed to take urgent action to deal with soaring federal debt in the 1980s, the late former chairman of the Council of Economic Advisers Herb Stein coined Stein’s Law. It was simple and obvious: “If something cannot go on forever, it will stop.

Back to my corollary: The report adds that Newsom “sidesteps the growing cost of CalPERS pensions” by using an accounting gimmick. The California Public Employees’ Retirement System is only 72 percent funded, which means it only has 72 cents on the dollar to pay for the– and they are one of the state’s senior obligations. If the state budget ever collapses, government retirees are at the top of the list to get paid.

While most Californians will depend on Social Security and meager savings for their Golden Years, the state’s public employees will retire at ages 50-57 with 60 to 90 percent of their final years’ inflated pay. If you think that we’re “all in it together,” then peruse the total-compensation numbers on: fewer public employees providing services, higher taxpayer-funded debt and higher taxes. Note the large number of local tax measures on every ballot.

In the end, Gov. Jerry Brown passed a useful but exceedingly modest pension-reform law and spearheaded large tax increases to fix the budget deficit he faced. The. As usual, the unions flexed their muscle in the Capitol, in the courts and in the state’s administrative agencies. Reformers tried and failed – and since then talk about serious reform has been verboten in Sacramento.

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