Will California Borrow Pension Money?
CVN Choices
09-02-2010
According to the Sacramento Bee, California Governor Arnold
Schwarzenegger is considering an attempt to `borrow` $2
billion from the state`s biggest pension fund to patch
the state`s $19 billion deficit.
Schwarzenegger has called the state`s pension system
`unsustainable,` with some estimates putting the unfunded
liability as high as a half trillion dollars.
Unfortunately, the state`s budget is also `unsustainable.`
In both cases, the only solutions are going to be
both difficult and unpleasant.
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