Posts Tagged: liabilities
OPINION: Another round of alarmist commentary is being spread by those who begrudge a secure retirement for those who teach in our classrooms or heroically labor on the front lines of wildfires. Amidst their negativity Californians may have missed a bit of positive news last month. The state’s two largest pension funds reported end-of-year investment returns that again exceeded their assumed average annual rate of return.
OPINION: Imagine your friend built up $10,000 of debt from buying Christmas presents on credit. When he announces an intention to eliminate that debt, you ask how. He answers that, from now on, he’s going to purchase Christmas presents only with cash. Confused, you ask, “How do you pay off debt by not incurring more debt?” His response: “I don’t know, but my accountant says it works!” Believe it or not, that is the proposal California Governor Jerry Brown just made to eliminate $72 billion in state retiree health care debt.
Gov. Brown has proposed a $106.8 billion state budget for the fiscal year beginning in July that reflects an improving economy, bumps public school funding by more than $6 billion and makes no mention of a $990 million universal kindergarten program sought by legislative Democrats. (Photo: Samantha Gallegos/Capitol Weekly)
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