Chiang's one of the gang that caused the mess

California taxpayers just took a huge punch in the nose from the same actuaries who provided the cover for state politicians to spike public employee retirement benefits. The latest shocker comes from California State Controller John Chiang, who just unveiled a new actuarial report
that shows California faces another unfunded debt of $59.9 billion to pay for retiree health and dental benefits over the next 30 years.

Controller Chiang highlighted that the unfunded liability grew during the 2010 fiscal year by $8.1 billion; an amount equal to almost 25 percent of this year’s entire California kindergarten through high school education budget. At least he admits to the mess!

California cannot exit the catastrophe without a serious reform of the public sector.