This is another bubble about to slowly deflate. We can’t continue to offer public employees large salaries,unlimited health care, large defined benefit retirement and liberal retirement qualifications. The federal govt changed their plans some time ago…CA and other states and cities are really broke and shortly will not be able to sell bonds..it will be a battle in the courts, polls and at tax time.

Disconnected From Fiscal Reality
American Spectator

The state of New Jersey just reported a $58 billion liability to its current and past employees on account of post-retirement health care benefits. States like California, Maryland, New York, and North Carolina have estimated such liabilities running into tens of billions of dollars. In Texas, lawmakers are fearful of the pressure to cut retiree health benefits immediately, so they’re attempting to reject the Governmental Accounting Standards Board’s new reporting requirements on state and local post-employment benefits. But thousands of state and local jurisdictions across the U.S. have outstanding retirement health benefits promises to current and past employees, totaling in the low trillions in today’s dollars

(Excerpt) Read more at spectator.org …