
CalPERS: $5 Billion Shortfall as Risk Shifts to Taxpayers
CalPERS, the Golden State’s public employee retirement system, is seeking to shift the cost and risk of pensions to taxpayers after a $5 billion shortfall in 2014.

CalPERS, the Golden State’s public employee retirement system, is seeking to shift the cost and risk of pensions to taxpayers after a $5 billion shortfall in 2014.

Once again, the Internal Revenue Service is reporting that a data breach has landed the personal information of hundreds of thousands of taxpayers in the hands of hackers. This time, the tax agency is admitting that the info of some 220,000 taxpayers was lost.

After Tuesday night’s catastrophic Amtrak derailment, resulting in the deaths of at least six people and injuries to more than 140 others, the political class has weighed in: we must spend more money on infrastructure.

Another State of the Union speech; another empty pageant of “signals” sent by selecting special guests; another chance for President Obama’s party to create a brief illusion of popularity by furiously applauding pronouncements that will be forgotten within days; and another wish list of billion-dollar spending proposals designed to make the opposition party look bad by blocking them. None of it has anything to do with responsible government, and only the political class will pay much attention.