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CalPERS
Growing retirement costs are hitting new state budget hard,
Dan Walters has written a thorough accounting of the pension crisis's impact on California's state budget, with dire predictions for future budgets.
What is missing from all of the Legislature's discussions pertaining to the state budget deadline of June 15th is even one mention of reforming the system that has created the havoc.
Instead, with only weeks to go, Gov. Brown proposed borrowing $6 billion to lend to CalPERS from the Pooled Money Investment Account (PMIA), a fund that holds surplus funds for hundreds of state agencies.
The nonpartisan Legislative Analyst's Office is questioning the use of these funds and stated that there is insufficient time to vet the plan.
This is reminiscent of the recently passed Gas Tax, which was rushed through in one week.
It seems that 'rushing things through' has become the new norm in the California Legislature. Perhaps this is designed to leave little time for the public to fully absorb the import - and possible consequences - of those decisions.
Jody
CSPP