Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret.
Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret. Randy Pench Sacramento Bee file
Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret. Randy Pench Sacramento Bee file