Matthew Lickona 11 a.m., May 23
It is becoming clear why California and San Diego are in such ecomomic hard times. CALPERS the California Public Employees Retirement System is the nations largest public pension fund with 1.6E6 CA government workers, retirees and their families. They are guaranteed certain monthly benifits for life no matter how well or poorly the funds investments perform. many retire at their 50s and recieve full family health care in retirement separate from medicare. Their fund is in its worst shape in the last 10 yrs and it's projected annual return on investment is 7.5% down from 7.75% of last year. This projection will require the State to contribute $303E6 with $167E6 comming from the general fund. This is in addition to the funds unfunded $85E9 liability. This sound like the National Debt. With these losses and unfunded liabilities the State has to cut welfare and other public government funded programs. Let get real, we don't get intrest in the banks any more, the stock market is all but dead, and we can't even work for a living in this country anymore with the unemployment rate as it is. So what dose corporate America do?, move to foreign countries and bring foreign worker here to America to under cut the wage market and keep Americans underemployed or unemployed. The only thing Americans can do now that they have been put in the streets is to be bums and let the World come in and wipe us out or start a civil war to clean it up. Look are aound, the only thing missing are the shots in the streets. Wake up America we will all die as bums in the street if we do not change this government to traditional American values and make the government servants of the private sector who pay their wages and build this country. I guess the government has brought in foreign people to do this now too. If we can figure out what they are being payed off to do this and get rid of the American private sector we will have the problem half solved.