The Sac Bee is reporting on a Stanford study about unfunded pension liabilities at the state level. We've been following the general issue here, but the news is
California's three largest pension systems have promised $500 billion beyond their current ability to make those payments to retirees, according to a study released to today by Stanford University Professor and former Democratic Assemblyman Joe Nation and a student researcher.
And the bottom line is
The annual cost to the state of delaying pension solutions is $3.4 million per day.
Ouch!
Here is a letter to the SM County Times in today's edition:
Union leaders guilty of 'shooting messengers'
In response to an independent study by researchers at Stanford University, San Jose union leaders cry "fuzzy math." This is a classic case of shooting the messenger. In this case, the messenger is a team of highly qualified researchers: two math majors -- one a double major in math and economics, the other a double major in math and physics -- along with Joe Nation, who holds a Ph.D. from RAND in Public Policy Analysis.
Whose numbers do you trust? My bet is on the independent, highly educated researchers -- not city employees who have been delaying meaningful reform for far too long.
Pete Constant
Member San Jose City Council
District 1
Posted by: Joe | December 18, 2011 at 03:56 PM
I think Anne likes Wine.
Posted by: holyroller @hotwire.com | December 22, 2011 at 07:28 PM