2) 6 mos before 2000 dot-com bubble peak, CA signed a law which led to ~$300B in unfunded pension liabilities.pic.twitter.com/1issJw4ruI
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2) 6 mos before 2000 dot-com bubble peak, CA signed a law which led to ~$300B in unfunded pension liabilities.pic.twitter.com/1issJw4ruI
Its an unbelievable wealth transfer from the young to the elderly. Hard to believe it's not contingent on actual returns.
if we go to 3-4% we'll have to cut everything drastically. I mean, drastically.pic.twitter.com/EcWCJXeNsh
that's just for phase-in to 6.5% I think.
Believe me, nobody in CA local government - manager, finance officers, employees - ever forgot SB400!
do voters really remember it?
Great piece.
take: Schwarzenegger was a better governor than Davis
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