Jerry Brown’s Legacy: A $6.1 Billion Budget Surplus in California

  • metta

    Posts: 43830

    Mar 09, 2018 5:00 AM GMT
    Jerry Brown’s Legacy: A $6.1 Billion Budget Surplus in California
    The governor hopes to avoid the fate of predecessors who left office with big deficits
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    Mar 09, 2018 6:52 PM GMT
    Jerry could toss that "surplus" at the CalPERS system which is underfunded by billions - but it would be like a teaspoon of sand on a beach.

    Pension costs ‘unsustainable,’ California cities say

    Almost all of California’s cities belong to the $360 billion California Public Employees’ Retirement System

    CalPERS is doing well in the stock market this year, with its portfolio gaining almost $40 billion since July. But the system is underfunded overall. Its assets are worth about 68 percent of what it owes to retirees and public workers.
  • metta

    Posts: 43830

    Mar 10, 2018 12:01 AM GMT
    Actually, Governor Brown created a bill, which was passed by voters, to create a rainy day fund. The surplus cannot be used for just anything. It is a rainy day fund for emergencies during times when the economy is doing poorly.
  • roadbikeRob

    Posts: 18002

    Mar 11, 2018 5:26 PM GMT
    Meanwhile in the other two big blue democratic strongholds of Illinois and New York, billion dollar plus budget deficits continue to be the norm in both the Springfield and Albany statehouses.
  • jockjoy

    Posts: 26

    Mar 12, 2018 4:28 AM GMT
    Last I heard, California is about $400 Billion in debt. Nothing to see there though. Keep your eyes on Governor Moonbeam's shiny objects.