What would we ever do without California? I can't think of another state more inept at balancing its budget. Hell, they make the feds look like penny pinchers.
Today's cautionary tale, brought to you by the anything-but-Golden State, stems from a government pension system teetering on the brink of collapse. In fact, a new study by the California Foundation for Fiscal Responsibility reveals the state's top five public pension systems fall somewhere between "61 percent and 74 percent funded for benefits earned for past service."
The culprit? Well, the study points to what it calls overly generous retirement packages for state workers, whose retirement payouts are apparently more generous than their private sector counterparts.
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