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The shortfall itself is due mostly to decreased revenues as opposed to increased expenditures. That said, pension expenditures are a fairly good size chunk. The
by nowarninglabel 16y ago
The shortfall itself is due mostly to decreased revenues as opposed to increased expenditures. That said, pension expenditures are a fairly good size chunk. There is a decent overview here http://reason.org/news/show/fix-california-pension-crisis http://reason.org/news/show/fix-california-pension-crisis but if you want to drill down through the data itself, it is available here: http://www.ebudget.ca.gov/Enacted/agencies.html http://www.ebudget.ca.gov/Enacted/agencies.html
- yequalsx 16y agoYes, pensions are a major part of the shortfall but I specifically said outrageous pensions payouts. It remains to be shown that the shortfall comes from outrageous pensions. I've noticed that often times people mention the unfunded pension liabilities in California and then point to a few extreme examples. Are the extreme examples causing the problem? There are structural problems with California governing system that give more plausible reasons for its present problems. To go from Facebook setting up a data center in order to save a few million dollars to an extreme pension abuse example is very weak.
- deleted 16y ago[deleted]
- nowarninglabel 16y agoIf you look at the links I supplied, you will see there are 12,000+ people in California as of 2009 that were receiving pensions greater than $100,000/year. The number is larger now. The one-year pension spiking is very real, and is usually what leads to outrage. I speak from my experience and knowledge as a California state employee.
- protomyth 16y agoDon't forget the unfunded part of the current pensions, this has been a problem building over multiple years and probably won't have and easy solution.