The SacBee got out its calculator today and determined that
the latest federal figures show California’s public pension debt in 2013 stood at $4,425 for every man, woman and child in the state, despite strong investment returns by public retirement funds.
The per-capita obligation ranked 11th highest among U.S. states, according to a Sacramento Bee analysis of latest data by the U.S. Census Bureau. California’s total pension debt, $610.3 billion, is the largest in the nation.
The Bee also notes that the stats are timely since
Such statistics will likely pour into a complex debate over state and local public retirement benefits in the new few months. The ballot proposal aimed for the November 2016 election would, among other things, change California’s constitution to require that voters approve public pension enhancements. Unions oppose the measure as an attack on working people disguised as voter empowerment.
Now the first week of August is about the least noticed time to alert people to this or any other issue even if we are talking about a $136B shortfall, but since we are talking about 2016 there is plenty of time to fill the airwaves with fear, uncertainty and doubt.