text: This editorial is a little irritating.  PERS had a 22 billion liability months ago.  The stock market has achieved somewhere around twenty percent gain over the last 6-12 months.  Since PERS reserves are in the stock market as well as elsewhere, the PERS reserves should have shown significant gains and the shortfall should now be down from 22 billion by an appreciable amount.  So why don't the politicians mention this?