Why Public Sector Employee Unions are a Bad Idea...

A scary look at one of the special ways that US taxpayers are in dire straits...

And while California has the biggest pension debt in the United States in dollar terms, it's not the worst off. Illinois and Kentucky plans are battling for the dubious distinction of having the lowest ratio of assets to liabilities, according to the Center for Retirement Research at Boston College.

The chronic mismanagement in San Bernardino, though, is a common feature of local government in California and around the United States. Much power over municipal finance lies in the hands of those with the most at stake — city employees, elected officials and others who depend directly on government for their livelihood. [LB: And when the meet at the bargaining table, who represents the taxpayers? Right, no one does. What could possibly go wrong?] And California is moving to put even more responsibility and funds, not less, in their hands.

Frankly, it's tough to see how we get from where we are to where we're eventually going to end up with a soft landing rather than a crash...