Pensions Must Be Fixed Before the State and Cities Implode

[Stephen Frank]

Thanks to the unions, and union owned government agency, the pension plans of government in California are severely under funded (the State alone is $200 billion upside down) and will soon take up about 25% of the revenues of most cities. Watch for the meltdown of local government starting next year.

Yet, the legislature refused to handle this problem--and local government is trying to act like an ostrich.

The good news is that pensions will be paid and the out of control unions will be stopped. This also shows how fearful electeds officials are of unions.

More...