The O catches Saxton in another lie today - noting that he has grossly exagerated the cost of the state's PERS program. Saxton has repeatedly claimed it consumes 20 percent of state payroll (like on his website here). Saxton now admits he was lying:

Saxton has repeatedly charged that Oregon governments paid 12 percent of their workers' wages for pension costs when Kulongoski took office and that they now pay more than 20 percent.

In response to questions from The Oregonian last week, Saxton's campaign acknowledged that he had used incorrect numbers. Actually, the employer rate rose from 10.64 percent to 15.1 percent during Kulongoski's tenure.

The article also notes that these higher rates are going to pay down the unfunded liability in the system, something Saxton continues to play dumb about despite his alleged business expertise:

The governor also noted that rates are projected to drop next year and that Oregon's relatively high rates reflect the fact the state is determined to pay off its unfunded liability -- unlike many states unwilling to deal with a looming deficit.

That is why, according to a recent analysis, Oregon's retirement system is nearly fully funded, while our neighbors in Washington, Idaho, Nevada and California all still have huge, overhanging debts in their primary funds.