Reason Foundation

Reason Foundation

How to Stop Public Pensions From Bankrupting California

Adam Summers
June 3, 2010, 7:00am

California’s $19 billion budget deficit seems to worsen by the day, but an even larger financial crisis is brewing in the state’s pension system. Over the last two decades, state lawmakers have bestowed massive pension and benefit increases upon government workers. Unfortunately, taxpayers are now getting the bills for these handouts. Recent studies estimate California has $500 billion in unfunded pension liabilities.  My new Reason Foundation report details how the state got into this pension crisis and how to fix it. This study highlights numerous problems, including:

Full Study (.pdf)

Summary (.pdf)

Adam Summers is Senior Policy Analyst

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