Many states, especially California and Illinois, have had severe pension underfunding problems for many years. However, new actuarial pension rules will finally force states to admit the problem. Thus, it should not be surprising that talk of "technical bankruptcy" and “service insolvency” is growing.
I contend that even the election of Barack Obama was a case of national Stockholm Syndrome.
California lawmakers don’t simply like labor unions. They love them. So much, in fact, that they recently eliminated Labor History Week from the state law books and replaced it with Labor History Month, with the first scheduled for this May.