NYT Can Do Better

  • But school pension spending grew even faster (FUSD and SCUSD Interim Reports):
  • 60 percent of revenues from the proposed tax increase would go to local governments like San Francisco, which increased cash spending on pensions and other post-employment benefits (OPEB) 146 percent from 2010 to 2019 (LAO analysis of Proposition 15; SFERS Annual Reports; SF CAFRs):
  • Unfunded liabilities grew even more (243 percent) to $8.3 billion, portending even greater retirement spending down the road (SFERS Annual Reports; SF CAFRs):
  • Absent reform, growth in school and local government pension and OPEB spending will continue to exceed growth in tax revenue, just as it has at the state government:
  • Even during the pandemic, the state’s General Fund revenues in the current fiscal year are running 43 percent ($8.7 billion) ahead of forecast revenues (October Department of Finance Bulletin).

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Lecturer at Stanford University and president of Govern For California

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David Crane

David Crane

Lecturer at Stanford University and president of Govern For California

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