The housing problem is one of politics, not economics. We must end the neoliberal conception of urbanism that clears the way for and subsidizes profit-oriented development while spending enormous sums of public funds on policing and prisons.
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Great salaries, benefits or retirements because we didn’t adequately fund Boomer public pensions.
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Right--at least in IL, the wealth transfer isn't the pensions per se but the debt earlier legislatures voluntarily accrued on the pensions
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It's the fact that it depends upon growth. As long as the base continues expanding, it's smooth sailing (usually). But if things like population flatten out, you have a liability that's hard to meet. Who bears the cost of the risk? Not those who consume the services.
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Of course, CA isn't a matter of a shrinking population, but just all sorts of other disasters and unforced errors.
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Pay-Go presumes that future service levels will exceed current, kicks off funding can down road. True that assets don't change that, but fully funded means more flexibility in responding to economic challenges.
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