One little-noticed result of the General Elections earlier this month – the first since the Great Recession of 2007-09 – was greater voter pressure for capping a giant gusher of government red ink: the $4 trillion in pension liabilities for state and municipal workers.
Few politicians, even Democrats backed by the public-worker unions, could afford not to propose reforms for these retirement benefits that are often abused, underfunded, and usually far more generous than those in private business.
