From Reason:

The Orange County grand jury’s report on the state of the California county’s pension plans painted a bleak but not unexpected snapshot of a challenging long-term fiscal situation. The Orange County Employees Retirement System touted some of the good—or, actually, less bad—news from the report, but it’s time to stop sugarcoating the problem. By the way, the problems in this one California county echo those found across the state and in many parts of the country.


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