Haha but wait what about the 'surplus?' ;)
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The surplus is tiny relative to the unfunded liability and because of state govt is so dependent on personal income and capital gains taxes, revenue whiplashes wildly depending on where we are in the economic cycle.
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I’m thinking a one time assessment on privately-owned dwellings valued over 6x the State’s median income might help cover the gap. With great largesse comes great responsibilities.
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Or mandate that every government agency cut 20% from their budgets. That won’t happen in a blue state, so we will continue to see middle and upper middle income people leave for Texas and Arizona, etc. Clayton Kershaw and Jimmy Garappolo will have to pay more!
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And CA voters may pass both too. But I have little sympathy when the CA Legislature gives billions of dollars in tax subsidies to multi-millionaire landlords (interest & depreciation write-offs, & low/no cap gain tax). The state can easily raise more money from wealthy landlords.
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Time to change the law and lower those bloated pensions
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They already did that in 2013 for new employees. There are some court cases challenging the ability to change pensions for existing employees and retirees.
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Ignoring the CA pension crisis is the liberal version of climate change denial. Both are coming and both will be catastrophic if not dealt with in advance.
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Calpers has zero chance of meeting a 7% investment goal because they Time the market. Instead of just dollar cost averaging into the total market index each month, they have well-paid investment advisors and allocation strategies.
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It’s almost as if holding two separate votes for spending and taxes produces poor outcomes. Everybody gets a pony! All in favor? Aye! No one has to pay for it. All in favor? Aye!
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