Progressives are SO easy! They really believe that if they don't look at it, the debt doesn't exist. Wonder what happens when tomorrow comes?
Understanding California's public pension debt
The gap between money available and promises made is huge and growing.
By JUDY LIN
SEPT. 18, 2016
What is the unfunded liability of California state and local governments?
Put simply, the unfunded liability is the shortfall between retirement benefits that governments have promised their workers and the current funding available to meet those obligations.
How much is it?
According to the state controller’s office, the unfunded liability of California’s 130 state and local government pension plans stood at $241.3 billion as of 2014, the most recent year for which figures are available.
In addition to pensions, an analysis of state and local government financial reports representing 90% of public workers uncovered $125 billion in unfunded retiree healthcare costs.
This brings the public retirement debt to at least $366 billion.
Here are retiree health liabilities for the state, the UC system and large local governments:
Government Entity . . . . . . Liability
State of California . . . . . . .$74.2 billion
University of California . . . .$17.3 billion
City of Los Angeles . . . . . . $2.5 billion
Los Angeles County . . . . . $26.8 billion
San Francisco City/County . . .$4 billion
Orange County . . . . . . . . .$418 million
I'm curious what part is unclear to Progressives.