OPINION: Pension Truth Trickles Down in California

Soaring pension liabilities have begun to force local governments to reduce spending on services so that they can fund pensions, a phenomenon analysts call “crowding out,” writes K. Lloyd Billingsley.  Communities across the nation are impacted, but Californians are especially affected by the pension crisis due to up to $750 billion in unfunded liabilities.  In San Jose, for example, the number of police officers on the streets has been cut even as the department’s budget has grown.

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