[quote=spdrun]And who says that CA can’t default on those obligations if things get dire? Overpaid ex-cops are a very small voting bloc…[/quote]
I wish it were that simple. But the courts have decided, due to something called “the California rule” that those promised pensions must be honored, no matter what the costs to local taxpayers. So the school districts and local counties and cities must drastically raise taxes or cut services and employees to pay the pensioners.
