The author identifies the problems with and solutions to California’s public pension crisis. He describes how pension problem occurred, how big it is, and why it has not been fixed,
demonstrating that pension officials and politicians have offered increasingly generous benefits, low-balled contributions needed to cover benefits, and underfunded pensions, and how taxes or
investments won’t help solve the problem. He explains how to fix it in a way that will preserve benefits already earned, provide competitive pensions in the future, and allow flexibility so
that future generations are not paying for pension deals and can still receive traditional public services, rather than suffer higher taxes, fewer services, or bankruptcy as a result.
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