So much for a "guaranteed" state pension. Like everything else having to do with government, state pension funds depend on the private economy; when the private economy tanks, so do the pension funds. Californians, as if they didn't have enough misery to date, are now facing huge losses in state pension funds for retired government workers and teachers. Since these funds are "guaranteed," guess who will be making up the difference with new "contributions?" Answer: currently employed state government employees (until they're laid off), currently employed teachers (until their contracts are cancelled), and various local governments assuming that they can bleed more money out of taxpayers who themselves have suffered losses in their pensions and 401k's approaching 50 percent. Will the taxpaying chumps in California let themselves get robbed yet again so that retired bureaucrats and teachers get their full "guaranteed" pensions? Let's wait and watch and see.
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