The pension crisis in California is no longer just visible in actuarial projections; it is starting to show up in government workers’ reduced benefit checks, which the state pension fund can no longer afford to pay in full.

Comment: Yet in Illinois, where the numbers are worse, full payouts continue and grow absurdly thanks to automatic 3% annual “COLAs.”

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3 years ago

It’s hard to hear the sucking dry sound when their heads are stuck in the ground…