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When asked about California’s $400 billion in debt and what can be done to avoid financial ruin, Autumn Carter of California Common Sense replied, “There is nothing that says we have to fall into financial ruin. There is still time to turn it around. We can still attack debt and tackle the cost growth associated with pensions and retiree health care, but we have to be willing to do it.”
- CalPERS has told its agencies to be prepared for increases in their contributions for 50% over 5 years.
- CalSTRS has told school districts to prepare for increases of more than 100% over the next few years.