CalPERS Eating Up California Budget

The California Public Employees System is a corrupt and unaccountable abscess on the state's chances for future financial stability. Read the whole article, but here's a smidgeon:

”CalPERS’s advocacy for higher benefits and its poor investment performance in recent years have locked in long-term debt in California and driven up costs, problems for which there are no easy solutions. As former Schwarzenegger economic advisor David Crane, a California Democrat, has said of the fund’s managers and board: “They are desperate to keep truths hidden."