California rejects even modest pension reform | Washington Examiner
I'm no fan of taking away pension benefits from public employees who have already paid a ton of money toward their pensions and deserve what they bargained for. I'm one of them. But unless some sort of reform takes place, many of these public pension funds will become insolvent. That will put in question the adequacy of the federal insurance that stands behind most of these plans. There was a savings and loan bailout in the 1980s, and a huge bank/auto bailout two years ago. The feds are up to their necks in red ink. How can they stand another bailout? So...what are the states going to do about their unfunded pension liabilities?