http://biggovernment.com/cstreet/2011/03/15/california-moves-closer-toward-default/
California Moves Closer Toward Default by Chriss W. Street
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California tax payers just took a huge punch in the nose from the same actuaries who provided the cover for state politicians to spike public employee retirement benefits. The latest shocker comes from California State Controller John Chiang who yesterday unveiled a new actuarial report that shows California faces another unfunded debt of $59.9 billion to pay for retiree health and dental benefits over the next 30 years.
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When I worked on Wall Street, I learned about risks. Seems to me that a lot of folks in California are underestimating their risks.
I’d not be holding any Gooferment debt.
Here in New Jersey, the State Gooferment just “stole” the state employees’ pensions by not contributing. In California,
Seems like the California folks are gonna get the same — employees and taxpayers alike. And the politicians get off scott free!
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Reinke Faces Life 