Can California Save Itself From A Pension Disaster? | Hoover Institution:
"The California Public Employees’ Retirement System (CalPERS) and other pension systems in the Golden State might be celebrating their recent investment returns, but don’t be fooled.
Their problems are nowhere close to solved — and those problems are taxpayers’ problems.
Unfunded pension liabilities continue to represent a colossal fiscal burden for both the state government and local governments within California.
They’re the reason that taxes are higher than ever, crowding out the services that the state and cities deliver.
And it’s getting worse..."