Description
The author identifies the problems with and solutions to California's public pension crisis. He describes how pension problem occurred, how big it is, and why it has not been fixed, demonstrating that pension officials and politicians have offered increasingly generous benefits, low-balled contributions needed to cover benefits, and underfunded pensions, and how taxes or investments won't help solve the problem. He explains how to fix it in a way that will preserve benefits already earned, provide competitive pensions in the future, and allow flexibility so that future generations are not paying for pension deals and can still receive traditional public services, rather than suffer higher taxes, fewer services, or bankruptcy as a result. Annotation ©2015 Ringgold, Inc., Portland, OR (protoview.com)
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California's unfunded public pension liability, when measured correctly, is two to four times larger than official government estimates. In total, California's 86 defined-benefit public pension plans are underfunded by roughly $430 billion, representing California's greatest financial challenge since the Great Depression. The failure to fully fund the pension promises has allowed the current generation to receive public services that they are not fully paying for, pushing the pension problem onto future generations. California Dreamin': Resolving the Public Pension Crisis explains how six reforms would solve the state's pension problem in an equitable, responsible, and moral way: preserving pension benefits already earned, providing competitive pensions going forward, and granting the flexibility needed so that future generations are not paying for deals they did not make.
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