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As a California native, I am sadly familiar with how dysfunctional CA politics are and how badly the state is run. Also how anti-business it is. CalSTRS is not remotely blameless though. Their projections for return on their investments are much too high (at 7.5%) for a pension fund that must hold significant fixed income securities that pay very little. Here is a newspaper article with some interesting details on the problems.

CalSTRS should clean their own house before they go looking for trouble in other houses.
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