California - April 2010

California's $500-billion pension time bomb - David Crane

The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.

That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.

To put that number in perspective, it's almost seven times greater than all the outstanding voter-approved state general obligation bonds in California.

Calif. climate law under assault in poor economy - Samantha Young

Petition backers say California cannot afford to impose environmental regulations that would raise utility bills, fuel prices and cost jobs. Republican lawmakers say the law gives companies another reason to flee California or locate elsewhere when they decide to expand.

That may be an appealing message to voters who are frustrated with high unemployment, continuing home foreclosures and an ongoing state budget crisis that has forced deep cuts to social services, public schools and higher education.

Who'da thunk it?