The figure dwarfs the funds' own combined shortfall estimate of $55 billion as of July 2008, according to the report, which doesn't account for the more than $100 billion loss sustained by the funds during the recession. That adds a further wrinkle to California's already precarious fiscal situation.
The study, prepared by Stanford graduate students for Gov. Arnold Schwarzenegger, used a more conservative formula to estimate the pension systems' unfunded obligations, an approach advocated by a growing chorus of experts. The report also recommended increasing contributions to the funds, investing in less risky assets and trimming pension benefits for future employees.
Gov. Schwarzenegger warned Monday that pension-fund shortfalls could lead California, which faces a $20 billion budget gap in the coming fiscal year, to divert more funds from other state programs to cover pension costs.
More Here..
L.A. Controller Says City Could Run Out of Cash by May 5
More Here..
Hahaha I work for the state and even I agree we get too much...I listen to my co-workers complain and mope about adjusting as the rest of the real world is going down.
ReplyDeleteI call it trimming the fat off the pig...Trust me I like my benefits and money like everyone else...But I also understand that nothing is forever and sometimes there will be good times sometimes there will be lean times.
Anyone in the State or Calpers system CANNOT possibly believe that there will be money when they retire...If they do it's because they refuse to just look at the numbers.
It's like gravity...There is no question about how this will end.
Covering your eyes from the sun doesn't mean the sun has gone away...Just means you're hiding from the light.
Love Cali but the State/Politicians/Nonvoters who gripe/Fucking courts and the Unions ruined it...Oh well time to start fresh.
It's becoming painfully obvious that this can will only stop being kicked once it finally breaks the foot for good. Hairline fractures spreading and now it's just starting to hurt and swell like mad. With these do-nothing politicians welded to their special interest whores and their to hell with everyone else I've got mine attitude, no doubt next will come a cast and crutch.
ReplyDeleteI'm convinced those outside of these circles of privilege are going to sit back and enjoy watching them try and walk in the dead of an icy winter and they're not going to be there to lend a hand this time around either.
It's all by design folks.
ReplyDeleteIf you don't think so, then go back to watching your TV and SHUT-UP!
We are so screwed!
Noodles,
ReplyDeleteI couldn't agree more!
I work for the "OC" and laugh at the thought that they will pay me and many more upwards of $70-80K a year, in retirement, if we put in 35 years of service.
On top of that, we will replace all of us who retired.
With what?
Robots!
This ponzi scheme is bound to fail.
MAJOR!
Women who work in the piggy public sector will not get there pensions,but since they retire so young,they will have to do what Russian women did when the Soviet Union fell,sell there snatches.Fuck the greedy public sectors piggy pensions.
ReplyDeleteYes, housewife hookers will be very popular soon as couples and women struggle to cope with no savings and no income and no government bailout. California's economic collapse could be big enough to collapse the whole country.
ReplyDeleteFurther, here's a thought: Comrade Obama is acting like a man who could care less about independent voters or getting re-elected. That's scary as it could be interpreted that the 2012 elections will be canceled for "safety reasons" in the "public interest."
654 comrade bush carried on the same way, they said the war was unpopular to 90% of the people and cheney said "so", that was interpreted the same way last election and what happened? Nothing, typical paranoid, deluded right wingnut.
ReplyDeleteGold and silver owners, if they suffer from sex addiction, will be handsomely rewarded when it gets ugly.
ReplyDeleteMany a horny houswife, or pool boy, will need to still put food on the table and will sell thier sultry goods to those that so desire.
It's proven fact that during GD1 there was a huge spike in marital unfaithfullness as many a housewife turned into someones mistress when hubs left to find work. Many nights spent in the arms of someone else, huffing and puffing, all for some cash to buy bread for little Tommy and Suzy, and many times hubs knew it went on but also knew there is more than one way to skin a cat.
Yes, GD1 was the time in our history when porn started to come out and many a lady would sit in those peep show booths, the ones that lifted the curtain after you put a dime in, showing off her strawberry tart to the men who lusted after the nether region.
Pimping will be big business again, and women will sell there sweetness and tasty goods for food and drink.
women have always sold their tasty parts, it is the oldest profession, also the newest.
ReplyDeletePimping will be big business again
ReplyDeleteDamn! That's why we've got the long-legged mack daddy!!! (Obama)
If Nancy Pelosi loses her pension,will anybody want to buy her snatch,would you?
ReplyDeleteWho thinks the unemployed will send their wife out to work after they lose their job?
ReplyDeletePatriarchy has been and had its day.
Sexual desire and procreation and family life had a biological origin but in the rich first world of gender roles and leisure time activities ,gender behaviours male and female Straught or gay are conditioned in the era of the Madonas and lady Ga Gas and Lindy Englands .
Women that think sexual freedom is their power over males .
The new gender aristocrats will go for divorce first, seize at least half of the assets and then go to work for themselves and control their own money box ,or pole dancing acts as they please.
303 nancy pelosi could buy and sell you, by the way, she is 78 years old and looks better at 78 than you do at 48 Idiot
ReplyDeleteHi,Idont think its a good idea for us all to get in an argument about Pelosi but she is very ugly and so are her political beliefs
ReplyDeleteI agree but Nancy Pelosi is still incredibly ugly.
ReplyDelete