Prop 13

Reuters / Max Whittaker

Pension Crisis: Cut 30% of Payroll or Overturn Prop. 13

Each new California legislative session starts with Republicans yakking about cutting state and local public pension benefits that are over $1 trillion underfunded. But as a minority party and with many of its loudest advocates hypocritically receiving a public pension, reform has just been about yakking. But with CalPERS’ actuaries demanding a pension funding increase from $3.7 billion to $7.25 billion by 2020, the state must either cut payroll by 30 percent or find a massive new tax source, like overturning Prop. 13.

May Day SEIU (Sandy Huffaker / Getty)

Public Sector Unions’ $9 Billion, Two-Stage Attack on Prop 13

It was only a matter of time until California’s powerful public sector unions geared up for a two-step approach to overturn the 1978 Proposition 13 ballot measure that has saved California property owners about $550 billion in property taxes.