Study: Calif. pensions underfunded by $500 billion

AP via SFGate ^ | 4/5/10 | CATHY BUSSEWITZ, Associated Press Writer

[SmithL]

SACRAMENTO, California (AP) -- A Stanford University study commissioned by Gov. Arnold Schwarzenegger says California's public pension funds are underfunded by as much as $500 billion.

[bobzeetwin]

If a private company, publicly held company did this, the idiots in congress would demand their appearance on Capital Hill to know why they deliberately mismanaged this fund.

And the reason the government wants to take over everyones 401K is?????

[23 Everest]

And the reason the government wants to take over everyones 401K is?????

POWER!

[john in springfield]

Hell, that ain’t much. Just $13,158 per head. Just demand $13,158 from every man, woman and child in the state, and that’ll cover it.

Any other problems you want solved?

[pointsal]

Wow...thank you!

I really had not been able to visualize the knucklehead mouthing the words "Kalifornia" but you have it right Colleyfornya!

That bloated Kennedy suckup has been a pain in the state's backside since day one!

There really is a trained canine metaphor: Colleyfornya that you have hammered home!

Again, Thanks!

[muawiyah]

If California had had the presence of mind to invest in Apple at the bottom of its cycle, this wouldn’t be a problem. Apple shares jumped $100 today!

[what's up]

she cannot do the things necessary to straighten out the state until the RATS are removed and I just don’t see this happening.

If Repubs win in Nov. in DC by large margins I suspect their coattails will extend to State legislatures all across the nation.

[La Enchiladita]

My little PERS pension isn’t even one-one-hundredth of her salary. She goes; I stay.

[DCPatriot]

How about admitting that, just like the nice folks who lost money in the ENRON scandal, the pensions will not be funded.

Spock would say that’s logical.

[truthguy]

If Repubs win in Nov. in DC by large margins I suspect their coattails will extend to State legislatures all across the nation.

Boy do I hope you are right. I don't see it. Most people I know are just too stupid to know what's going on and on paper they are educated people. That's the worst type of person and the most dangerous, the educated idiot.

I just don't think the average voter is smart enough to do the right thing even if they wanted to.

[what's up]

You may be right.

But here's to hoping that the smarter voters are the ones motivated to vote in the mid-terms and the stupider voters get a good case of apathy and remain home.

[Gapplega]

It’s all going to collapse.

[TruthHound]

Cut off the cash spigot to illegals for about 10 years and we could pay that bill.

[Liz]

Compare your salary to a California public employee
(figures do not include lifelong family benefits and humongous pensions these salaries generate)
By Michelle Malkin | May 27, 2009
FR Posted Thursday, May 28, 2009 by penelopesire

NOT THE TOP OF THE LIST
“Special Nurse” $350,000+
Municipal railway manager:$325,000+
“Administrative services” department head $280,000+

State college workers salaries:
JEFF TEDFORD UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $2,831,654
PHILIP E LEBOIT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,979,362
TIMOTHY H MCCALMONT UC SAN FRANCISCO PROF OF CLIN___-MEDCOMP-A $1,945,717
RONALD W BUSUTTIL UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,570,897
RICHARD J SHEMIN UC LOS ANGELES PROFESSOR-MEDCOMP-A $1,195,837
KHALIL M TABSH UC LOS ANGELES HS CLIN PROF-MEDCOMP-A $1,048,891
BEN BRAUN UC BERKELEY HEAD COACH-INTERCOLG ATHLETICS $998,569
http://www.sacbee.com/1098/story/1669273.html

[Irish Eyes]

My little PERS pension isn’t even one-one-hundredth of her salary. She goes; I stay.

Hear you, my Mother depends on her PERS pension along with her SS. She is 89.

[gunsequalfreedom]

I don’t have the exact percentages, but city contribution to PERS (state pension fund) is set to go from about 28% to 42% in the next 3 to 5 years.

[cherry]

tax pensions...heavily....call it a “win fall” tax....then stop hiring until the union govt workers agree to more reasonable benefits.

[cherry]

when our govt workers live the rich life, and we are still slaving, you'll see maifia type crime explode....afterall, if the system is rigged against the average guy, the mobsters can "offer" a remedy.....

I hope not, but I see no alternative....

[cherry]

well, govt workers DO deserve something I guess.....but they'll have to accept what my husband accepts....a portion of what it would have been if not for bankruptcy, and no retirement medical coverage..period....

its called the Pension board....

[GlockThe Vote]

Great post. Spot on.

[Oceander]

Sell the go*-damned state!