This year, retirement benefits—more than $6 billion—will exceed what the state is spending on higher education. Next year, retirement costs will rise another 15%. In fact, they are destined to grow so much faster than state revenues that they threaten to suck up the money for every other program in the state budget.
Friday, August 27, 2010
Public Pensions and Our Fiscal Future
Governor Arnold Schwarzenegger in The Wall Street Journal reports on California public pension disaster: