A Wall Street Journal article (8-27) on California public pensions by Gov. Arnold Schwarzenegger provides useful insight into the state of public employee pension plans. It is clear there is unfunded taxpayer liability for these pensions. We can thank the governor of California for being so forthright.
Unfortunately, the governor of Washington state is not so candid. Washington state has a similar unfunded liability problem. It is just proportionately smaller than California.
The Washington state unfunded public pension liability is part of the motivation to institute a Washington state income tax. Let’s spread the wealth!
Remember, voters; November is coming.