CFFR makes recommendations on how to reduce California’s budget deficit $5 billion annually; $300 billion over 30 years

From a column in the Fox and Hounds daily blog:

According to Bloomberg News, CALPERS has lost almost $67 billion in 12 months, more than 25 percent of its value, as stock and bond markets tumbled. The California State Teachers’ Retirement System (CalSTRS) has also lost 25 percent of its value.

This is not good news for taxpayers, who are already on the hook for several hundred billion dollars in unfunded liability for public employee pensions and retiree health care plans. These costs were already placing a heavy burden on California taxpayers and with the stock market decline, “it’s going to be even more costly now,” says former Assemblyman Keith Richman, who is president of the California Foundation for Fiscal Responsibility.