California not ready for the recession

CalWatch: With the start of a new year, a fresh array of political, economic and legal developments promise to sharpen California’s ongoing debate over the costs and consequences of its current education system.

The California State Teachers’ Retirement System, one of the world’s largest pension funds, has found itself in the spotlight. Recently, state Democrats ensured that CalSTRS divested from coal and guns. But diminishing returns on investment have grown the pension fund’s unfunded obligations, according to a report issued by an independent auditor. “As of June 30, 2015, the net pension liability for the State Teachers’ Retirement Plan increased by $8.9 billion to $67.3 billion due to lower investment returns during fiscal year ended June 30, 2015 as compared to last year,” the report noted.

So, pensions  not fixed.  Ca still owes on the prior unemployment loans from Congress.