Using Pensions To Balance Govt Budgets

Here is a great essay about how federal, state, and local governments are ignoring or compromising their pension obligations to fund other sectors of their budgets:

http://www.philly.com/philly/business/20140601_Just_how_long_can_leaders_keep_tapping_the_pension_well_.html

Sooner or later, all these pension funds are going to go broke, and then what are we going to do?

I suspect that governors and mayors all intend to follow the template being created in Detroit: they will just declare bankruptcy and renege on the pension obligations.

But don't worry, the rich will still be able to fly to Paris for lunch. We sure wouldn't want to impose on them.