Dan Walters: Pension hike of a decade ago backfires

This is why gov't can't balance its budget, and why it can't run businesses--utter incomprehension of basic economic/fiscal common sense:
"Although the new pensions would generate almost countless billions of dollars in extra income for retirees in the years ahead, the CalPERS board, dominated by union representatives, told legislators that taxpayers wouldn't have to bear the load because investment income, which was flowing into the pension trust fund from high-tech stocks, would continue indefinitely."

http://www.sacbee.com/walters/story/1965212.html