What's seven times larger than all the public bonds outstanding in California? The 500 Billion gap in fully funding public pensions, that's what. If you work for the state, and expect to see that ultra generous retirement when the time comes, you can forget it. Remember, if it sounds too good to be true, it is too good to be true.
Looked at another way, public employee unions simply must be made illegal. The entire state cannot be made the victim of the greed of these unions, and the venality of the politicians who cater to them.