December, 2011

Gov. Jerry Brown announced nearly $1 billion in new state budget cuts, slashing spending on higher education and eliminating funding for free school-bus service but avoiding the deeper reductions to public schools that many had feared.

California’s three largest pension systems have promised $500 billion beyond their current ability to make those payments to retirees, according to a study released to today by Stanford University Professor and former Democratic Assemblyman Joe Nation and a student researcher.