Friday, August 31, 2012 – 04:30 p.m.

The California Assembly approved AB 340, the overblown and over-touted pension reform bill, Friday afternoon.

The legislation also much pass the Senate before midnight tonight.

The most interesting part of this legislation is the shrinking savings figure. Even the California Public Employees Retirement System can’t even figure it out.

California’s elected officials are well known for approving half-baked measures for the wrong reasons. This time is no different.

Rather than putting through a precise measure with proper study, the legislature and Governor Jerry Brown assembled a piece of garbage legislation in order to try and improve the chances of passage of Proposition 30, Brown’s tax hike measure on the November ballot.

Now the pension bill will be picked apart by analysts over the next few weeks. Actually hurting Prop 30’s chances in the long run.