Say what?!?
In 2015-
California pension debt worse than acknowledged
The organization identified $150 billion in unfunded retirement obligations, including $63 billion in pension benefits and $87 billion in retiree health care benefits. But $111 billion of this amount was not reported on the state’s balance sheet, buried, instead, in actuarial schedules. “Because the state government uses outdated accounting methods, a vast majority of liabilities are excluded from its financial reporting,” a TIA press release stated.
The TIA report, further, found that California has $94 billion in assets to cover $328 billion of liabilities, resulting in a long-term deficit of $235 billion.
In Sept 2016-
Understanding California's public pension debt
How much is it?
According to the state controller’s office, the unfunded liability of California’s 130 state and local government pension plans stood at $241.3 billion as of 2014, the most recent year for which figures are available.
In addition to pensions, an analysis of state and local government financial reports representing 90% of public workers uncovered $125 billion in unfunded retiree healthcare costs.
This brings the public retirement debt to at least $366 billion.
With out California you have to change your eating habits, & figure out where to get the tax money to help out the poor red states.
