Ugly truth about state pensions begins to emerge

Subject: txt crpt mny cali -
Even the most casual observers know the federal government has a serious debt problem that's propelling the USA toward the same cliff as Greece.

Less well known is that certain states and localities are even worse off. Or at least their problems are coming to a head sooner, as they have fewer options for kicking the proverbial can down the road.

Manageable challenges States can't print money, and they have limits on borrowing. Much of their shortfall, moreover, is the result of pension obligations that are binding contracts.

Political promises that have locked taxpayers into guaranteeing often obscene pensions to public union employees...

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