On Friday, Gov. Gavin Newsom presented a 2020-21 state budget that includes more money for K-12 public schools than ever before. But even as metrics-driven education reforms over the past quarter-century have paid major dividends in both union states (Massachusetts, New Jersey) and non-union states (Florida, Texas), California lawmakers have never seriously considered trying to...

With markets fitfully advancing after a nearly two year pause, the need for pension reform again fades from public discussion. And it’s easy for pension reformers to forget that even when funds are obviously imperiled, with growing unfunded liabilities and continuously increasing demands from the pension funds, hardly anyone understands what’s going on. Unless you are sitting on a...

In 1999, at the height of the stock market runup fueled by the internet bubble, California’s state legislature passed SB 400, which increased pension benefits for officers with the California Highway Patrol. Over the next several years, pension benefits were similarly increased for government employees working in nearly every one of California’s cities, counties, state agencies,...

Last week, Sen. Elizabeth Warren (D-MA), a 2020 presidential candidate, proposed a plan to rein in private equity funds that engage in leveraged buyouts—acquiring companies with large amounts of borrowed money. Although the idea of cracking down on financial engineering is attractive to many, it could have the unintended consequence of lowering asset returns for public...

As a statewide political force, California’s conservative voters are disenfranchised. Almost no politicians holding state office speak for conservatives, few court rulings favor conservatives, and nearly everywhere, conservative values are discredited or ignored by a hostile press. But California’s political landscape could be poised for dramatic shifts. Even now, after more than a decade of...