The first video provides a brief overview of the report, titled "California Crowd-Out: How Rising Retirement Benefit Costs Threaten Municipal Services," and discusses its findings and conclusions with its author Manhattan Institute Senior Fellow Stephen Eide (pictured above).
To access Kersten Institute's the 14-minute video analysis of the new pension data please click here or see link to You Tube video above. A more in-depth 30-minute follow-up analysis of the report and its data is also included below, titled "Inside Source: Screen Chat."
The Manhattan Institute report was released in late April 2015, but the Kersten Institute believes these video analyses and accompanying materials shed new light, analysis and accessibility to the report's important findings.
Pension expert Eide states that the "buck stops" with the California politicians when it comes to placing the blame for the pension crisis.
However, Eide says that the state's giant public pension fund, CalPERs had a major hand in the current crisis through its lobbying of state legislators to significantly expand public employee retirement benefits in the early 2000s.
A quick look at the data illustrates a stark trend of public employee retirement costs significantly outpacing public revenues by many times over. This disparity in pension costs over revenues is the root cause of this pension "crowd out" phenomenon, which threatens the financial viability of the state's public agencies.
In short, public employee pension costs are rapidly eclipsing state and local spending on other vital programs and services such as education, health care, and infrastructure improvement, states Eide and the report.
The Kersten Institute has also produced a series of visual graphs that provide a great snapshot of the results for the localities referenced in the report. (the slide show can be accessed below).
The videos mark the debut of the Kersten Institute's Inside Source Government Training Program, which seeks to connect policymakers, advocates, and citizens directly with experts to promote good government and responsible public policy.
The Inside Source training program plans to tackle the state's most pressing issues including the state's public pension crisis, political leadership, education, tax reform, and campaign finance issues, among others.
To keep up with Kersten Institute video releases and other multimedia content, please sign up for our E-Newsletter by visiting our homepage at www.kersteninstitute.org.
Both videos were produced by David Kersten Videography for the Kersten Institute for Governance and Public Policy. The Kersten Institute is an independent private organization dedicated to good government, sustainable labor policy, and evidence-based responsible public policy.
Here is a link to the actual report: http://www.manhattan-institute.org/html/cr_98.htm#.VbefahNVhBc