“Combined unfunded pension and retiree medical liabilities mean every resident has an obligation of $7,000.”
“Our priorities should be paying down these debts. Our values should dictate that we can't leave this burden to our children and our grandchildren.”
“We also cannot continue raising taxes. We already have the highest income tax, corporate tax, and gas tax rates in the nation.”
CLICK HERE to watch the full floor speech
Sacramento, CA - Today, Senator Moorlach (R-Costa Mesa) brought to the Senate Budget Bill (SB 97) debate a reminder of California’s unfunded liabilities and long term fiscal debts:
"I want to thank the Governor for holding the line and exercising fiscal restraint. Today we're voting on a budget bill that is almost identical to what he had proposed.
“I just want to remind my colleagues that we have a combined unfunded liability of CalPERS, CalSTRS and the UC retirement systems of around $140 billion. We have an unfunded retiree medical obligation of $72 billion. We’re discussing deferred infrastructure maintenance of around $59 billion. We combine that all together and that means that every resident of California has an obligation of $7,000 per capita.
"So, I am very appreciative that the Governor is exercising fiscal restraint. It is a necessity. Our priorities should be paying down these debts and our value would dictate that we can't leave this burden to our children and our grandchildren. And, I agree, we cannot keep saying, ‘next year;’ next year we'll attack the pension debts, next year we'll take care of retiree medical.
"We also cannot continue raising taxes. We already have the highest income tax, corporate tax, and gas tax rates in the nation. And we have the highest poverty rates, which have been repeated here on the floor. How can we keep taxing higher and higher?
"Holding the fiscal line is the appropriate and necessary action to take. This bill comes close to doing this, but it could be better."