A quote from a few years ago: "If you're not familiar with General Motors, it's a health care benefits management firm that sells cars for a loss as a side venture."
Updated version: "If you're not familiar with the state of California, it's a public employee pension management organization that runs a state on the side with a large $19 billion deficit."
California governor Arnold Schwarzenegger explains it this way in today's WSJ:
"The problem is stark: Over the last decade in California, spending on state employees' compensation rose nearly three times faster than state revenues. This has squeezed resources for programs, such as higher education and job training, that benefit private-sector workers. This year, for the first time ever, our state was forced to spend more on retirement costs ($6.5 billion) than on higher education."
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