Debts to government retirees including those in California, the biggest state by population, have grown into a national crisis as pension plans strive to meet obligations to more than 19 million active and retired firefighters, police officers, teachers and other state workers. Fewer than half the plans had assets to cover 80 percent of promised benefits in fiscal 2009, according to data compiled for last month’s Cities and Debt Briefing.
California Pension Promises Exceed 550% of State Tax Revenue by 2012!
Posted by Mike "Mish" Shedlock Global Economic Trend Analysis
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