The state of California is about as close to bankruptcy as one can get with Governor Moonbeam continuing to push for more taxes. State school tuition has skyrocketed, much to the dismay of current students.
In the face of all this the UC Board of Regents has just approved hiring a new chancellor for UC Berkley at an 11+% raise over the previous chancellor. A whopping $486,000 plus free on-campus housing, and a $127,000 relocation bonus.
Mike is correct - with kind of salary garbage the system is going to collapse, I just don't think it will happen anytime soon.