With conservative estimates of unfunded public sector pension and healthcare liabilities topping a quarter of a billion dollars, and growing at a rate of $17 billion annually, Orange County Supervisor (and one of the very few to predict the O/C bankruptcy back in 1994) discusses the extreme danger to cities, counties and the state of California – and the real possibility of a California default:
Katy Grimes shines a light on the chasm between public and private sector vacation and sick day payouts which are coming to light as state employees head for the exits.
For an excellent website covering these public pension issues, bookmark the following site:
Supervisor Moorlach’s webpage:
Tags: California Budget; California Unfunded Pension, California Deficits, California Governor; Pension Tsunami, California Vacation Payouts, pensiontsunami.com, Public Sector Benefits, Unfunded Pensions