The state's going to have to renege on its pension promises to me, the only question is by how much.
The report closes with this ominous warning:
But this Milken report is only the latest of four independent analyses that all reach the same conclusion, that California's pension system is in big trouble."I was discussing this with another teacher at school today. It's clear that retirement ages are going to have to be raised, but he asked, do we really want a 70-year-old teacher in front of a class? Sure, we've probably all had one or two in our time, but given what teaching is like today, is it realistic to expect most teachers to stay in the classroom at that age? My answer is that perhaps we'll have to stop teaching and greet at Wal*Mart for a few years, and can start drawing our pensions at age 70. I don't know, I haven't given it enough thought to form a complete answer, but the knuckleheads in the big white building downtown are going to have to address this issue immediately.