California Dreaming: Solutions for America's Public Pension Crisis | Government Finance Reform Guide | Retirement Planning & Policy Analysis
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Product Description
California’s unfunded public pension liability, when measured correctly, is two to four times larger than official government estimates. In total, California’s 86 defined-benefit public pension plans are underfunded by roughly $430 billion, representing California’s greatest financial challenge since the Great Depression. The failure to fully fund the pension promises has allowed the current generation to receive public services that they are not fully paying for, pushing the pension problem onto future generations. California Dreamin’: Resolving the Public Pension Crisis explains how six reforms would solve the state’s pension problem in an equitable, responsible, and moral way: preserving pension benefits already earned, providing competitive pensions going forward, and granting the flexibility needed so that future generations are not paying for deals they did not make.
Customer Reviews
I read this book because I am increasingly concerned about the corruption and malfeasance on the part of elected representatives of CA taxpayers. This book exposes how politicians collude with the unions to give away generous pay increases and other benefits to already overcompensated public employees. It also offers several proposals to try and "right the ship" in the public employee pension system. This book should be a MUST READ for every CA taxpayer who chooses to remain in CA instead of escaping to a more tax friendly, less expensive place to live.My personal belief is that the system is too far gone to fix. The best solution is to allow the pension system to implode, and then start over. The U.S. Supreme Court has already laid the foundation with the JANUS decision that allows public employees to withdraw from union membership. Public employees should have some type of 401(k) plan, just like people in the private sector.
