Pension stampede

Cal Coast: Following the California Public Employee Retirement System’s (CalPERS) recent decision to lower its investment forecasts, the city of San Luis Obispo is facing skyrocketing pensions costs. As result, also because of slowing tax revenue growth, the city is facing a structural deficit, which includes a projected budget shortfall of more than $5 million in 2021-2022.

The structural debt was  always there. The public sector unions and politicians hide  the liability and SLO is going thru two bankruptcies doubling there  transaction costs, permanent work for lawyers.