No, California lawmakers, the state budget is not bottomless

The state of California has staggering financial obligations. Its two largest pension systems have more than $170 billion in unfunded liabilities, a sum that is based on generous assumptions about future returns. The state has another almost $77 billion in unfunded liabilities when it comes to paying for government retirees’ health care, and it has an urgent need for infrastructure repairs and upgrades that the League of California Cities says carry a 20-year, $500 billion price tag. In the short term, the pressure on school district budgets is going to explode over the next four years as the additional financial burdens created by the 2014 bailout of the California State Teachers’ Retirement System are phased in. According to a George Mason University study, only Illinois is in worse shape fiscally among the 10 most populous states in the nation.

Against this backdrop, it is stunning to see state lawmakers continue to propose new spending obligations. The latest case: Assemblyman Adrin Nazarian, D-Los Angeles, has introduced a bill that would require the state to fund a IRS Section 529 college savings account for each of the estimated half-million children born in California annually beginning next year, while allowing parents to opt out of the program. This comes on top of proposals to give annual grants from $2,660 to nearly $18,000 to University of California and California State University students to help them pay bills.

Here’s another idea: Let’s give lawmakers remedial math classes. No one is served by fantastic notions about a state budget that will never pencil out.

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