WHERE IS THE MONEY TO SUSTAIN IT GOING TO COME FROM, YOU IDIOT?"
For the good of the people (how can you resist) cut the salaries of all tenured professors, and administrators throughout the California state university system by 50%.
I see two immediate results. First, although still over paid those who sacrificed the 50% salary cut are now paid an amount closer to their actual value to the economy, and secondly, the state now has the money to begin reducing the deficit and making the state solvent.
Oops, my bad. We're talking California here. Any additional revenues will certainly be spent, not on deficit reduction, but on programs, grants etc such as "DNA and odorous investigation of Sasquatch feces in Yosemite."
Very simple. The government can just print more! ;)