CalPERS earns 1.1% on investments in 2011. Only 6.65% below the average annual return of 7.75% that the actuaries say will be needed to meet its obligations. At some point California public union retirees are gonna hafta take a cut and/or members of the 99% like Robert Redford are gonna hafta pony up a LOT more dough. Good times.
Author: Bonfire of the Absurdities
After 35 year career writing software for IBM mainframes, am now self-employed contractor thinking of joining a union and striking for higher wages. Cured morbid fear of heights when I learned to look at them as lengths standing on end. Uncompromising in refusal to accept browser cookies. Amateur investor who has accumulated a small fortune in the market after starting out years ago with a large one. For recreation, I run, hike, kayak and play tennis but will not consider synchronized swimming under any circumstances.
View all posts by Bonfire of the Absurdities
