November 30, 2012 – It took less than two weeks to confirm what we suspected: Much of the money from the Proposition 30 tax increases approved by voters is not going to go to schools, as advertised, but to teachers’ pensions. According to CalPensions.com, “More money for the underfunded California State Teachers Retirement System may be considered by the Legislature next year, thanks to new attention from lawmakers and a state budget deficit narrowed by a voter-approved tax increase this month.” We talked to David Crane, lecturer in the Public Policy program at Stanford University and president of Govern California. A Democrat, he has advised officials from both parties on pensions. “I’ve always thought the tax increase would create the money for them to fund the deeply underfunded CalSTRS pensions system,” he told us.
Link to Full Article: http://www.ocregister.com/opinion/state-379061-tax-budget.html