Tuesday, April 6, 2010

As California Shows, Costs of State Pensions Are Much Higher than Offical Accounting

opinion from the LA Times

The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.

That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.

To put that number in perspective, it's almost seven times greater than all the outstanding voter-approved state general obligation bonds in California.

FULL STORY: http://www.latimes.com/news/opinion/la-oe-crane6-2010apr06,0,6247734.story

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