People don’t realize how screwed California is. It is functionally bankrupt, but a state cannot declare bankruptcy. The pension benefits are swallowing the state budget, it cannot reduce those pension benefits, and the pension benefits are senior to the state’s bonds. The pension benefits have to be paid before the debt is paid. California cannot print its own money like the federal govt can. They are praying for Democrats to control everything after the 2028 election so that California can get a federal bailout.(Wall Street Mav)