A new report by the Hoover Institution has found that most local governments in the United States have massively underreported the unfunded liabilities in their employee pension systems. The California state government, for example, identifies unfunded liabilities totaling $242,746,943. But according to Hoover’s calculations, the real figure owed by the Golden State is $769,407,011—or nearly 217 percent more than is officially reported.
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Jon Coupal is the President of the Howard Jarvis Taxpayers Association (HJTA). HJTA, with offices in both Los Angeles and Sacramento, is the largest taxpayers association in California with a membership of over 200,000. Founded by the late Howard Jarvis, the author of Proposition 13, HJTA’s name is synonymous with tax relief and the uncompromising defense of the California homeowner.