Seven years ago the state provided $5.5 billion for UC and CSU and $6 billion for retirement costs. The new budget provides $7 billion for UC and CSU and $11 billion for retirement costs… The boost for UC and CSU is just 27 percent, a bit more than half the rate at which total expenditures grew while the boost in spending on retirement costs is 83 percent, nearly twice the rate at which total expenditures grew. The difference produces a dramatic shift in budget share… Unfunded retirement obligations are having a ruinous impact on education (see here for the impact on K-12). California’s dangerous trend of shortchanging education in order to finance retirement costs is growing and will not abate until elected officials attack retirement costs, as explained here.

Read full article [here].
by David Crane, Medium.

Posted: August 7th, 2017, by: admin. Categories: . Awaiting Comments.