Free Minds & Free Markets

CalPERS Is Shocked—Just Shocked—To Find Cities Reeling Under Growing Pension Debt: New at Reason

Extra Medium/flickrExtra Medium/flickrCalifornia's pension fund looks to shift blame and avoid responsibility.

Steven Greenhut writes:

The California Public Employees' Retirement System's union defenders feign shock whenever pension reformers accuse it of "kicking the can down the road" in dealing with the state's mounting pension debt. It's like the scene from Casablanca, when Captain Louis Renault is absolutely shocked to find gambling going on in a gambling house.

CalPERS is never going to state the obvious: "We know these massive, underfunded pensions are not sustainable, but we're going to do everything possible to push the problem into the future and blame everyone else for the problem." But the pension fund's board might as well have said as much after two actions it took at last week's Sacramento meeting.


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