Wall Street is warning, but no one is paying attention. Our state legislators are debating silly issues such as spanking while the public pension crisis grows more looming. Moody's Investor Service warns that while pension expenses continue to rise, the worst threat is the cost of retiree health benefits which are growing at an annual average rate of 15% while inflation is only growing at 3%. As the costs continue to grow, money will have to come from general funds which are used in such areas as libraries, road maintenance and education. Worse still is that we are not properly funding our future pension liabilities - the average funding of 103% in 1999 has falled to 84% in 2004.

Experts suggest lowering benefits for new hires and increasing employee contributions. I have always wondered why we aren't targeting health care costs. They are rising precipitiously, bringing dire economic effects to individuals and governments, and providing obscene profits to health care corporations, including drug companies. ,

As citizens we need to be asking questions. Why is nothing been done? What plans are in place? This is a looming crisis but when it hits we will be as much to blame as any government official and we will be the ones who will have to pay. Call you representative and demand answers.

Gillian Parrillo
The Sacramento Executive