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New Study: With Giant Pension Debts, California is Screwed!
Well, my fellow Californians, looks like we're all pretty much screwed.
The evidence: a new study by the Stanford Institute for Economic Policy Research finds that California's struggles with giant pension obligations for state workers is getting worse. Much worse. The report finds that unless reforms are taken, pension obligations are almost certainly going to crowd out non-mandated spending for things like education and social services.
The study, conducted by Stanford Professor Joe Nation along with California Common Sense, covered all three of the state's largest pension systems: CalPERS (the California Public Employees' Retirement System, CalSTRS (the California State Teachers' Retirement System) and UCRP (the University of California Retirement Plan.)
Here are the key findings of the report: Eric Savitz, Forbes Staff
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