Category: Articles & Op-Eds

U-T San Diego: Teachers’ pension crisis: How it happened

In his latest annual letter, Warren Buffett writes about local and state financial problems accelerating “in large part because public entities promised pensions they couldn’t afford.” Noting that “citizens and public officials typically underappreciated the gigantic financial tapeworm that was…

Bloomberg: California’s $600 Billion Sinkhole

California’s next generation got some good news recently when Assembly Speaker John Perez called upon lawmakers to act this year to find a solution to the state’s largest fiscal issue — the $80 billion unfunded liability of the teacher pension…

Fox & Hounds: Full Explanation Required From CalSTRS’s CEO

On February 19, California State Teachers’ Retirement System (CalSTRS) CEO Jack Ehnes appeared before a committee of the California State Assembly considering CalSTRS’s request for a $240 billion bailout, starting with $4.2 billion this year. There is no question that…

SJ Mercury News: Pensioners living longer isn’t the only cost crisis cities face

Recently journalist David Sirota noted how corporate subsidies and retirement costs are crowding out state and local spending on public services. He’s right to be concerned about those outlays, which crowd out spending on higher education, welfare, courts, parks and…

SacBee: Memo to Legislature: No time for half measures on CalSTRS

Today, the state Legislature commences hearings on a request made more than a year ago by the California State Teachers’ Retirement System, CalSTRS, for a $240 billion cash injection over 30 years, starting with $4.2 billion this year, to finance…