At some point, this tragedy becomes humor. I hope it doesn’t take long.
In other news, Los Angeles is a month away from going broke. Funny yet?
I am impressed by how different the official estimates are from all of these outside estimates. I’m even a little surprised, as I would have guessed between a factor of two and four. Stanford’s gap is a factor of eight! Let’s assume, for a moment, that Stanford’s study is correct. California diverted $5.5 billion to cover the shortfall this year. That doesn’t even make an appreciable dent. Almost every state faces pension shortfalls. I wonder if Washington and Florida are still safe under Stanford’s accounting.
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