California governments owe their current and future retirees maybe as much as $600 billion. But the governments aren’t going to pay. Taxpayers will be handed the bill, and in some cities, each household is on the hook for more than $50,000. In at least one municipality, the household share of the liability exceeds that city’s median household income.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
CAPITAL IDEAS: Reforming California’s Pension System
Kerry Jackson
California governments owe their current and future retirees maybe as much as $600 billion. But the governments aren’t going to pay. Taxpayers will be handed the bill, and in some cities, each household is on the hook for more than $50,000. In at least one municipality, the household share of the liability exceeds that city’s median household income.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Subscribe to our newsletter: