Governor Jerry Brown has one plan for Californians: to rob them of all of their money.
That is all I can figure from his proposed budget for these poor people. Hopefully the roads are good enough that they can leave that wretched state.
We all know California taxes are too high. But what else is new?
According to May’s Revised Budget, pension liabilities for the state of California and the University California have increased by 22%.
In other words, the state does not have the money to pay for state workers’ pensions.
Why can’t California fund pensions?
According to Breitbart, they’re lousy at investing:
The State of California is notorious for predicting spectacularly high pension investment returns, and then admitting lousy performance. But Governor Brown’s 2017-18 May Revised Budget admitted for the first time that the state’s and UC’s long‑term pension and healthcare liabilities jumped by $51 billion in the last year to $279 billion, “due to poor investment returns and the adoption of more realistic assumptions about future earnings.”
Governor Brown’s administration openly admitted this?
Well, sort of. The act wasn’t voluntary. The Governmental Accounting Standards Board issued a new mandate last January that “required pension plan audits to include postemployment benefits liabilities, such as retiree healthcare.”
Last year, “unfunded employee pension liability for the state was $59.141 billion” and “$15.141 billion for the University of California.”
These numbers continue to increase.
“The big jump in unfunded liabilities means a bigger burden on future California state budgets,” Brietbart reports. The Revised budget “reveals that the state’s contributions to California Public Employees’ Retirement System ‘are on track to nearly double from $5.8 billion in 2017-2018 to $9.2 billion in 2023-24.”
But wait…isn’t this the state that wants to provides free college?
Maybe California legislators should take a basic course in math before they go forward with those plans.
And maybe Californians should buy a decent road map and a U-haul before their taxes increase any more…