Why Cities Are Broke: CA Public Pension Contributions Up 304% Over the Last Decade

Here is all you need to know why your city and others are lunging toward bankruptcy.
 
“In fiscal 2002-03, $545 million went to CalPERS pension payments, just after the Legislature started allowing pension spiking. The contribution rises to $2.2 billion for 2012-13, the fiscal year beginning July 1 – an increase of 304 percent the past decade.”
 
Money meant for public safety, roads, parks and libraries went to paying off sweetheart deals for union negotiated pensions.
Read more…
 
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