Free Republic

San Francisco's public pension crisis is way worse than many thought, according a new study from Stanford professor Joe Nation. Here are some highlights from the report: * The San Francisco Employees Retirement System (SFERS), which covers most of the city's municipal workers,faces an unfunded liability of $4.4 billion on a market value basis. That's nearly $35,000 per every San Francisco household. * SFERS' reported liability is based on an optimistic 7.75% annual rate of return. If the 1990-1999 historical average rate of return - 6.2% - is used, the city's unfunded pension liability grows to $6.8 billion. * The...

<p>Here's a sampling from this week's e-mail bag: A gentleman named David Owens jauntily greets us with, "Hey d---ks----rs! I just read you can't pay your rent. Where are all your liberal buddies now? Oh well." A Hugh Curd rejoices that "thank mohammad, your truly worthless rag is going to fail ... maybe you can get some fresh capital from your bug-chasing friends in san francisco or your terrorist buddies in north africa. you failed! move to france and smoke cowardly dong." Stan Willock offers these words of consolation to Salon readers: "[They] will still have PBS, where hundreds are misinformed and entertained at taxpayer expense, as well as CNN, ABC, CBS and NBC. All are losing viewers to the fair and balanced Fox News Channel and to conservative talk radio. Best of luck looking for a new job. Hopefully you qualify as a member of a preferred group (person of color, female, gay, lesbian, etc)." And these are the more genial letters! I'll spare you the ones spelling out the lurid physical punishments their writers would like to inflict on me personally, which would make even Saddam blush.</p>