FYI: The fight over public pensions in California is almost exclusively described as a dispute between people worried about tax hikes and public servants wanting to get paid what they were promised. But this is only part of the pension story — one focused on the "liability" side of the balance sheet.
What's missing is the "asset" side of that balance sheet. California's worker-centered pensions have played an extraordinarily important role as investors over the last 20 years. Moves to dismantle these pension systems could surrender the state's market power at exactly the wrong time, when it needs it most.
Regards,
Ted
http://www.latimes.com/opinion/op-ed/la-oe-webber-pensions-california-20180506-story.html
