Gov. Newsom proposed a state budget yesterday that would give CalPERS an extra $3 billion to pay down debt and CalSTRS a potential extra $5.9 billion, most to pay down debt but also some for relief to schools hard hit by doubling pension costs.
“We are investing an historic amount and doing what no previous governor has done on PERS and STRS,” Newsom said at a news conference yesterday, just three days after he was sworn in.
But echoing his predecessor, Jerry Brown, one of the themes of the budget presentation was the need to be ready for a downturn in the economic cycle after a long recovery from the financial crisis a decade ago.
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