A public pension crisis of epic proportions is brewing in California. The state’s public pension disaster is the greatest financial challenge California has faced since the Great Depression.
A new book by economist Lawrence McQuillen, exposes the true magnitude of the unfunded liability disaster, and focuses on the critical policy actions that drove California’s public pension debt to these heights. In California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, McQuillen, Senior Fellow at The Independent Institute, also examines the perverse political incentives of elected lawmakers and pension officials that reward them for not fixing the problem, rather letting it escalate. McQuillen studies the immorality of the crisis, the crucial reforms needed to fix the problem, and the long-term benefits of a permanent solution. I had the pleasure of interviewing Dr.… Read More