From the Monterey Herald:

“But one good year doesn’t fix a problem that has been two decades in the making,” Steven Greenhut, senior fellow and Western region director for the R Street Institute, retorted in a recent column. “It could take decades to make up not only for past years of poor stock market performance, but for the massive and relentless retroactive pension increases that state and municipal governments have been granting their workers since 1999.”

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