Bay Area Economist Outlines Solutions to California's Public Pension Woes

Last year, California’s public pension system had over $300 billion in assets – enough to meet only 77 percent of its obligations to public employees, retirees and their families. In his new book, “California Dreaming,” Lawrence McQuillan notes that the predicted shortfall threatens more than public employees’ retirements, but may also seriously disrupt public services, limit the borrowing capabilities of state and local governments, and impose huge costs on taxpayers. McQuillan, an economist and senior fellow at the think tank The Independent Institute, suggests six reforms that he says are key to solving California’s pension crisis.