Opinion: Controller John Chiang drops bombshell on California public pensions.
Chiang added public pension systems to his already large fiscal database. One chart reveals that their “unfunded liabilities” – the gap between assets and liabilities for current and future pensions – exploded from $6.3 billion in 2003 to $198.2 billion in 2013.
But somehow California can afford Jerry Brown’s boondoggle Choo-Choo to Nowhere.
