07-16-2019- Despite booming revenues, California struggles with debts
We are seeing record revenues. Pension plans investing and making about 7%. Record so called surplus. But still nothing but trouble over the horizon. WHY?columnist Dan Walters wrote in October,
“The reason is that even with strong property tax gains, local governments’ pension costs are growing faster than revenues, thus putting the squeeze on their budgets.”
Government tends to spend money till it runs out. And in most cases, they continue the spending. The California Supreme court could fix this tomorrow, but they refuse to get involved. California is drowning in pension debt. Until that's fixed, nothing will change. It's kick the can. Again.
