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/ …
if we go to 3-4% we'll have to cut everything drastically. I mean, drastically.pic.twitter.com/EcWCJXeNsh
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that's just for phase-in to 6.5% I think.
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Fundamentally, I'm not sure any system with committed returns can work long term for an entity that can't print money.
End of conversation
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