October 23, 2021

States Made Risky Bets with Pensions Before Coronavirus. Now They Want a Bailout.

“Prior to the Wuhan Virus CalPERS had north of one trillion in unfunded liabilities. Over a short period of time it was doubling the mandated payments by cities and other agencies. Illinois was already bankrupt, they could no longer keep the doors open. None of this had to do with a disease—it was because of corruption, mismanagement and incompetence. Now Guv Newsom, like the Democrat he is, refuses to take responsibility for his LACK of actions and demanding the Feds bailout bad decisions by California. He just gave $30 million to an effort to force the marijuana to hire people based on race, not qualifications. If he has money for this, then he has money for savings pensions.”

States Made Risky Bets with Pensions Before Coronavirus. Now They Want a Bailout.