No, that's not the (current) amount of the State budget deficit (that's only $28 billion). $21.6 billion is the amount of the unfunded pension liability for the University of California.
This must be a hard war for the Left to fight. Which side to cheer for?
- Do they support honoring contracts and commitments made in the past, as UC Dean Edler suggests? When the Right said employment contracts should be honored (bonuses and commissions being paid out to Wall Street firms), we were told that was wrong, in times of financial troubles. Why is it different for UC now?
- Do they support pension increases to highly paid executives (Edley earned over $336,000 in 2009). To paraphrase the President, at some point, haven't you made enough, Mr. Edley?
- Mr. Edley claims that if the State reneges on its pension promises, the University system will have problems retaining and recruiting top talent. When I made this argument in regards to limiting pay on Auto Execs and Wall Street leaders, I was told it wouldn't matter. Is it different now?
- If the State gives in, and allows the increases, it will raise tuition, cut back on teachers/services, and likely impact the quality of education in the UC system. I thought we were supposed to be "for the kids"? How does this help them?
So many issues here.
