The two major California public pension funds have a combined unfunded liability of about $72 billion (PDF- Pg. 41). Yet Gov. Brown just postponed a pension reform ballot measure and instead is making vague promises about how change will come while offering no concrete proposals.
A Field Poll says voters are not too concerned about pension reform, favoring mild changes and opposing eliminating collective bargaining. However, voters in San Jose and San Diego recently overwhelmingly approved pension reform, including eliminating benefits for existing workers (or making them pay more for them). Thus, the issue of pension reform is beginning to get major visibility in California, a trend that will continue as the crisis grows.
More on IVN, including discussion of how California public pensions can force the state and municipalities to cover their shortfalls, except perhaps when municipalities file bankruptcy. Three California cities have done so in the past two weeks.