Free Republic

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. Controller Chiang highlighted that the unfunded liability grew during the 2010 fiscal year by $8.1 billion; an amount equal to almost 25% of this year’s entire California kindergarten through high school education...