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California's three major public pension funds are underfunded by more than half a trillion dollars, according to a report released Monday, the San Jose Mercury News reports.
Gov. Arnold Schwarzenegger (R) commissioned the study, which was prepared by graduate students at the Stanford Institute for Economic Policy Research (Theriault, San Jose Mercury News, 4/5).
The study examined:
* The California Public Employees' Retirement System;
* The California State Teachers' Retirement System; and
* The University of California's retirement system (Walters, "Capitol Alert," Sacramento Bee, 4/5).
The three systems serve about 2.6 million retirees (Bussewitz, AP/Ventura County Star, 4/5).
Study: California Public Pensions Underfunded by Over $500B - California Healthline
This is what happens when Politicians use the Government Money to promise people other peoples money in exchange for votes.
And just think, Obama and Co. just did that nationally with Obamacare.
We're ****ed.