4 ms·
SF ballooned their deficit by billions during the last bull market. Over $10 billion of unfunded pension and healthcare costs. The next recession is going to b
by dahdum 8y ago
SF ballooned their deficit by billions during the last bull market. Over $10 billion of unfunded pension and healthcare costs.
The next recession is going to be brutal.
- shostack 8y agoHow does that work exactly with the massive surplus the state is running? [1] couple those Donna be used to fill this gap? [1] https://www.politifact.com/california/statements/2018/dec/18/jerry-brown/does-california-have-budget-surplus-nearly-30-bill/ https://www.politifact.com/california/statements/2018/dec/18...
- dahdum 8y agoCalifornia has $63b and growing in unfunded pension liabilities. The surplus is only a cash cushion. The problem is vastly reduced if you can shift healthcare costs from the unfunded pensions to single payer or Medicare for all, I think that’s likely to happen in the next 20 years.