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AB 32 is killing jobs and revenues--and government pension plans will take what is left.
"Here, for example, is what the California Public Employees' Retirement System, CalPERS, told its retired members early in the fall of 2008, when it had lost more than $70 billion on its investments so far that year, more than one-fourth of the previous $260 billion value of all its investments:
"It is important for you to know that the current credit crisis does not directly affect your retirement benefits, which are securely protected by law, or our ability to pay benefits."
Translation: Not to worry; the taxpayers will have to bail us out."
Another reason California is in a Great Depression and may stay in it for a generation.
Angry yet? November, 2010 would be a good time for a voter revolt.
More...
"Here, for example, is what the California Public Employees' Retirement System, CalPERS, told its retired members early in the fall of 2008, when it had lost more than $70 billion on its investments so far that year, more than one-fourth of the previous $260 billion value of all its investments:
"It is important for you to know that the current credit crisis does not directly affect your retirement benefits, which are securely protected by law, or our ability to pay benefits."
Translation: Not to worry; the taxpayers will have to bail us out."
Another reason California is in a Great Depression and may stay in it for a generation.
Angry yet? November, 2010 would be a good time for a voter revolt.
More...