pensions

California's Latest Pension Hubris

Steven Greenhut, The American Spectator

California's own public-sector retirement system is reaching crisis levels. What can go wrong by inserting the state into the management of retirement plans for California’s private workforce even as its own government-managed plans amass hundreds of billions of dollars in public debt? State lawmakers haven’t addressed falling funding levels and growing unfunded liabilities for years, even as they vote in favor of creating a single-payer healthcare system that would cost, by the Legislature’s own conservative estimates, more than the entire state budget. More of the same.