I don’t think that’s exactly the framing. The question is were the expected rates of return appropriately set and communicated to taxpayers at the time these commitments were approved.
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I think the honest answer to this question would be "no". When politicians approved these pension plans, Calpers was telling them they wouldn't need additional contributions based on high rates of investment returns.
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True that. That's why we have the tweets & Twitter
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shout out to
@ByJudyLin the author of the articleThanks. Twitter will use this to make your timeline better. UndoUndo
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“Enough” only if you assume all students live with parents. But it does point out that California could have free college for only 1 percent of state GDP.
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Thank
@JerryBrownGov and the legislature that have created the symbiotic relationship whereby the unions support the politicians and the politicians reciprocate. Franklin Roosevelt was right that government employee unions are not to be allowed, as they have too much power. -
This debacle came about under the
@GovernorDavis regime by perpetuating the myth that the 1990s bull market in stocks will continue in perpetuity. Our beloved politicians went along with that scam at the behest of the unions & here we are.
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Brown had to have the support of the unions to win election and has done nothing substantial to fix it.
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