Pension Crisis: Former California State Controller Warns About CalPERS
ByThe potential for a state and municipal fiscal and public pension crisis is a defining issue for the next downturn. Underfunding guarantees problems. The question is whether the next downturn crystallizes a crisis.
This morning a commentary on pensions caught my eye. I learned that Steve Westly, a former voting member of public pension fund CalPERS’ board, was concerned about a pension crisis. And he was tweeting about it. Westly was also the California state Controller from 2003 to 2007. So he knows a thing or two about the state’s finances.
This is something that has been off my radar for a while. But it becomes relevant if we are anywhere close to the end of this business cycle. And a pension crisis would have wide-ranging consequences…
Pension Crisis: Former California State Controller Warns About CalPERS
