The state budget is perennially in the red (this year's deficit is some $20 billion) and the state teachers retirement system is short $43 billion.
But that's in the real world. Back in Slumberland, the California Senate spent its time passing a bill to create a government-run, single-payer health care system. The bill's author admits it will cost $200 billion, but that it could be paid for with "existing state and federal money and a payroll tax, coupled with increased efficiencies from a government-run system."
Are these the same efficiencies that gave us a $20 billion deficit?
Yet another reason I'm not a socialist.