Op-ed by Dick Spotswood, includes “… Public sector Ponzi-like schemes operate similarly with newly deposited cash used to pay off unrealistic promises. … Many of California’s public employee pension plans fit loosely within the Ponzi scheme definition. If things go wrong – as they will – not only will the public be on the hook, but dedicated government workers who’ve based life decisions on the fiscal integrity of these retirement promises could also lose big.”
Read the full article on: Marin Independent Journal (California)