I have focused my concerns about Calpers and LACERS on the massive unfunded pension liabilities they are carrying. I should say that we are carrying.
I simply have not had the time, nor will I likely have the time, to address the health benefits aspect of the problem. Instead, let me share this article from the Sacramento Bee with you.
After you read it, you may want to visit my post on government bankruptcy.
Although states cannot decalare bankruptcy, they could end up in a situation where the Federal government can assume much of the responsibility for the management of their finances. However, municipal bankruptcy is a very real possibility. Given the dismal condition of the pension and health plans for Los Angeles, bankruptcy could be knocking on the door.
What has Krekorian done about this in the Assembly? Nothing.
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