Borrowing scheme for CalPERS deserves more scrutiny

[TexasTowelie]

Over the last few decades, the once-straightforward process of fashioning a state budget devolved into duplicitous gimmickry.

Governors and legislators would paper over gaps with off-the-books loans, creative bookkeeping and deliberate falsehoods.

When Jerry Brown resumed the governorship in 2011, he pledged to end fiscal hijinks and align the budget with reality, as harsh as it may be.

He identified a $30 billion “wall of debt” that had been accumulated to cover deficits, promised to pay it off, called for a “rainy day fund” as a hedge against economic dips and, finally, persuaded voters to raise taxes.

Read more here: http://www.sacbee.com/news/politics-government/politics-columns-blogs/dan-walters/article151596462.html