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What You Should Know / November 21, 2011

exiledonline.com -- The kids are bewildered and skittish about their future, but there is a group of people in California living a lifestyle that’s as pleasant as can be: pensioners. While students pay more and get less of an educational bang for their buck, retired UC employees are enjoying ridiculously plush pension payments, and they are guaranteed to receive the same amount each month, no matter how little money the universities have or how much students will have to shell out in order to fund their golf getaways. UC officials say they had no choice but to raise tuition to close a massive $500 million budget hole, but they remain vague on how that money is going to be distributed. That’s because they are ignoring the big, wrinkly elephant in the room: California’s pension funds and the highly questionable, high-risk investment strategies that tanked them.

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