Why California’s Pensions Only Deepen Inequality

The Golden State's Promise to Retirees Puts at Risk the Other Promises It Makes to Its Citizens

If we can’t get rid of the California Rule, can we at least ditch the name?

The California Rule is the misleading moniker we’ve given to our state’s most troublesome legal precedent: that public employees are entitled to whatever pension benefits were in place when they started work. Pension benefits in California are so monumental that they might as well be set in the stone of El Capitan—they can never be cut, unless they are replaced with another benefit of equal value.

You can say that such an ironclad guarantee …

Why Boomers Need a New Script for Life’s Third Act

The Me Generation May Rebel Against Post-Retirement Expectations

We know the story all too well: Baby boomers, that generation born between 1946 and 1964, experience a childhood heavily shaped by the cultural dynamics of the postwar era, and …

More Californians Should Retire Like Vin Scully

We'd All Be Better Off If Older Workers Said Long, Extended Goodbyes

If only more Californians could retire like Vin.

Vin Scully, that is. The Hall of Fame announcer for the Los Angeles Dodgers will call his last game this Sunday, October …

How Opening a Savings Account Can Close the Racial Wealth Gap

With Modest Public Investment, Low-Income Families Can Build a Financial Cushion Against a Recession or Medical Emergency

Like many economists who care about American families struggling to make ends meet, I spend a good amount of time thinking about how parents can earn more income to give …

How a Long Beach Doctor Created Social Security

The Angry Retiree Wrote the Letter That Helped Establish the Great Depression's Most Enduring Program

Long Beach, California, is known today for its terrific aquarium, for the Queen Mary, and for being the hometown of Snoop Dogg. But its greatest contribution to the United States …

My Modest Retirement Is Not Bankrupting America

Retired State Employees Like Me Aren’t Living It Up, But We’re Getting By—Which Is More Than You Can Say for the Next Generation

I’m a Boomer or close enough, born in December 1945. My parents, who grew up during the Great Depression, told me that financial security, especially in retirement, was the most …