If The Teachers Are Smart, They Would Support Fracking To Help Pay Their Pension

This is incredible: a $71 billion shortfall for California teachers pensions.

$71 billion. And the fund shortfall is growing by $22 million every day.

The governor is looking to put this "crisis" off for another year. Perhaps a vibrant oil and gas industry could provide the royalties necessary to meet the shortfall. The Los Angeles Times is reporting:

The same could be said of the California State Teachers' Retirement System, or CalSTRS, which Ehnes has run for more than a decade. Today, the pension fund is one of the biggest financial problems in a state with more than its share of money woes.

Gov. Jerry Brown and legislative leaders are pledging to repair and replenish the $181.1-billion retirement system that is supposed to finance more than 800,000 retirements for public school teachers, administrators and community college instructors. Hearings on possible solutions began in the Capitol on Wednesday.

The second-largest public pension fund in the country, after California's primary pension system for public employees, it faces a $71-billion shortfall that worsens by $22 million every day, according to pension officials.