Friday, August 27, 2010

Public Pensions and Our Fiscal Future

Governor Arnold Schwarzenegger in The Wall Street Journal reports on California public pension disaster:
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.