California Dreaming: Lessons on How to Resolve America's Public Pension Crisis

A politically created crisis of epic proportions is brewing in California and elsewhere across the United States.

For decades, public pension officials and politicians of both parties have promised their employees increasingly generous retirement benefits—while low-balling the contributions from government agencies and employees that are needed to cover these promises—presenting our greatest financial challenge since the Great Depression.

Pushing the pension liability from today and onto our...