California democracy, a lap dog to the public union

Last week I calculated that CalPERS would increase its pension charges to cities, counties, and the state of California over 30% to regain massive investment losses over the last decade. My initial estimate was drawn from a presentation by Kung-pei Hwang, CalPERS Senior Actuary, which I recorded mid November. My report also detailed the gimmickry that CalPERS used to hide the 50% shortfall in their planned assets. However, it looks like my estimate was way low because we now have new video of the CalPERS board stating in their own words that the costs to cities, counties and the state will increase a GINORMOUS 55% by 2013 and the increased rate will need to be in place for at least the next 19 years.

In California we generally skip the voting part and go straight to the looting part. Gwilym McGrew keeps the fee schedule for us. I blame the whole mess, bankruptcy and associated catastrophes on Jerry Brown.