Sunday, June 2, 2013

The truth about California’s finances

Not out of the woods yet.  But if the State shows no fear and makes the right decisions, it could happen.
• $87 billion in unfunded liabilities for the California Public Employees’ Retirement System. The $87 billion would be far higher if not for the rosy investment assumptions used by CalPERS.

• $73 billion in unfunded liabilities for the California State Teachers’ Retirement System, a sum that increases a staggering $6 billion a year. The $73 billion would be far higher if not for the rosy investment assumptions by CalSTRS.

• $64 billion in unfunded liabilities for health insurance coverage guaranteed to retired employees.

• $8.2 billion in money borrowed from the federal government to replenish the state’s broke unemployment compensation fund. California only pays the interest on the debt.

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