Governor Brown’s proposal to borrow money to fund CalPERS is similar to a move by Puerto Rico in 2008. That step backfired and now Puerto Rico is bankrupt.
A new study points fingers at charter schools for malfeasance, but traditional public schools are still by far #1 in wasteful spending.
The Brown administration decided to (kind of, sort of) tackle the state’s massive and growing level of unfunded liabilities – i.e., the hundreds of billions of dollars in taxpayer-backed debt to fund retirement promises made to the state’s government employees. It’s best to curb our enthusiasm, however. The governor didn’t have much of a choice.