Gov. Jerry Brown gets a lot of credit for balancing California’s budget. But in reality California is still crazy deep in the red.
The biggest problem is CalSTRS, the teacher’s pension system. CalSTRS reported Thursday that its funding gap is $73.7 billion.
The shortfall is growing at a rate of $15 million a day.
Just two days’ worth of this debt would fund 120 Stockton police for a year, restore public safety and obviate the need for the Measure A sales tax.
Five and a half days would pay the entire police department’s budget for a year.
Ten days would pay for city city’s entire General Fund, funding most all departments and city services.
Just 1/74th of CalSTRS immense shortfall would entirely pay Stockton’s $1 billion long-term debt.
CalSTRS isn’t a pension system. It’s a fiscal black hole.