David Friedberg

There are some estimates that say that the pension shortfall in California for public employees that have retired

is 600 billion, maybe as high as a trillion dollars short of the legal obligations of payments that need to be made to those retirees coming up in the years ahead.

is 600 billion, maybe as high as a trillion dollars short of the legal obligations of payments that need to be made to those retirees coming up in the years ahead.

That money has to come from somewhere.

That money has to come from somewhere.

The United States is 40 trillion in debt.

The United States is 40 trillion in debt.

We're burning one and a half trillion, maybe two trillion a year.

We're burning one and a half trillion, maybe two trillion a year.

Debt costs are climbing.

Debt costs are climbing.

This becomes a spiraling problem.

This becomes a spiraling problem.

Because all of these regions, all of these pockets that may think and act differently, share a common balance sheet, share a common government, and have to share the fiscal responsibility together.

Because all of these regions, all of these pockets that may think and act differently, share a common balance sheet, share a common government, and have to share the fiscal responsibility together.

How does this resolve?

How does this resolve?

Because one side might say, hey, I want to balance my budget here in Texas.

Because one side might say, hey, I want to balance my budget here in Texas.

The California side says, hey, I'm going to burn all this money and make all these promises I can't keep.