David Crane—California’s $500-billion pension time bomb
The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.
That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.
To put that number in perspective, it's almost seven times greater than all the outstanding voter-approved state general obligation bonds in California.
Read it all.
Filed under: * Culture-Watch • Aging / the Elderly • * Economics, Politics • Economy • Labor/Labor Unions/Labor Market • Personal Finance • Pensions • Politics in General • State Government
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Posted April 7, 2010 at 4:55 pm
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