More Pain for State's Taxpayers, Cities

The cost of shoring up Calpers, the troubled $200 billion pension fund for California public employees, will ultimately fall on the state's 38 million residents, who are already dealing with tax increases and reduced public services.

Wall Street Journal- http://online.wsj.com/article/SB125556625187286301.html

Sacramento Bee-http://www.sacbee.com/business/story/2254804.html?mi_rss=Business

Capital Weekly-http://www.capitolweekly.net/article.php?xid=ycaol6koumdme9

Sacramento Bee-http://www.sacbee.com/business/story/2254595.html?mi_rss=Business

Can anyone wonder why California is in financial meltdown! Again the taxpayers of this state are on the hook for all the excesses of the past years, when public employees were given lucrative pension benefits without any thought of how they were to be paid. This is being repeated throughout California as every local government is facing daunting challenges how they are going to come up with the funding to pay for public employee pensions. I guess the tax payer will step up to cover the shortfall while there pension gets depilated. How ironic!