Mish's Global Economic Trend Analysis: CalPERS Pension System in the Crosshairs of Stockton Bankruptcy Dispute: "In spite of this huge runup in stocks and bonds, pension funds are still underfunded by a minimum of $2.8 trillion. If these undeserved pensions have priority, taxpayers will be on the hook for them. For the sake of the average taxpayer, let's hope CalPERS is thrown in the mix and benefits are not just cut, but massively slashed, and those who have the highest benefits cut the most."
May be a good idea but won't happen.
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