How a forgotten 1999 law caused California's unfunded pension liabilities to grow to $241 *billion* http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/ …
no I'm not suggesting that public sector pensions are inherently a problem. I'm suggesting this law was dumb.
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it may or may not have been good policy. But having huge sector of CA retiries not subject to wims of market is good.
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This kind of thing is Republicans' wet dream, making the govt look like a beast to be starved to voters.
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