Editor,
Regarding the weekend article, “$76 Billion Windfall-California is awash in tax revenue and budget reflects it,” normal discussions about budgets would include discussions about a rainy day reserve and how to pay down debt, not just profligate spending.
California’s unfunded public pension liabilities are estimated to be in the hundreds of billions of dollars and annual payments to CalPERS and CalSTRs are bankrupting local municipalities and school districts. Poor investment returns and overly optimistic investment returns are exacerbating the problem.
How about some more balanced reporting about this issue. It should be the elephant in the room. Time to get real. Newsom needs to start watching Suze Orman.
Jerry Ostrander
Foster City
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(2) comments
Mr. Ostrander, it’s not in California’s interest (pun intended) to disclose that type of information. Just look at the bright side, it’s only the kids and the following generations that will pay an ever higher price for CAs profligacy. Suze Orman would be able to tell you that price. Newsom couldn’t, or doesn’t want to.
As long as we have one party Democrat government, pension costs will expand faster than anything else in the CA budget. When Democrat politicians negotiate with government unions, there is no-one at the bargaining table to represent the people.
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