Says journalist Dan Borenstein.
The state pension Hogzilla, CalPERS, came after Borenstein with its policital consultants and fog machine after he recently wrote truthfully that Gov. Jerry Brown’s piddling pension reforms of 2013 have failed.
Which they have. “Things have gotten much worse since the changes were implemented,” Borenstein writes. “Total pension debt at California’s three statewide retirement systems has increased about 36 percent.”
“Add in local pension systems and the total shortfall across California has reached at least $374 billion — about $29,000 per household. The necessary payments over the next three decades to cover the shortfall will strangle many local government budgets.”
If you want to be literate — undeceived — on the issue of municipality-killing pensions, just read the lawyerly counter-arguments CalPERS made after Borenstein’s last column. Their devotion to falsehoods tells you everything you need to know about their unreconstructed greed.