California’s Coming Tax Tsunami

“Pensions are the 800-pound gorilla in Sacramento that state lawmakers are refusing to discuss but that represents a speeding freight train without brakes. Year after year, lawmakers have been willing to make strategic pension promises to politically important unions that would never be kept without great harm to the state.

What could be better for a politician than securing the political support of unions by agreeing to pension payoffs that were way outside the universe of any sensible retirement plan? And that would not come home to roost until the politician is out of office?”  Lee Ohanian, “California’s Coming Tax Tsunami,” Hoover Institution:  California On Your Mind, 4/28/2020.

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