Thursday, August 13, 2009
California is still in big trouble
Even the math in this article doesn't come close to fixing this problem...
Investors Business Daily editorializes:
"Every problem facing state governments seems super-sized in California. The state has just closed, after a fashion, a $26.3 billion budget deficit. But it now faces unfunded pension liabilities of as much as $300 billion. That figure is the estimated gap between what the state has promised retired state and local employees and what it has earmarked for that purpose.
Where is this money going to come from? Not from a state budget already pinched to an extreme, with workers on forced furloughs and up to 100 state parks likely to close this fall. And it's not likely to come from maxed-out taxpayers in this high-tax state."
