California, Here We Stay by Victor Davis Hanson, City Journal Autumn 2012: "California’s multidimensional decline—fiscal, commercial, social, and political—sometimes seems endless. "
Here's a key bit:
According to a study published by a public policy group at Stanford University, California’s various retirement systems have amassed $500 billion in unfunded liabilities. To honor the pension and benefit contracts of current and retired public employees, state and local governments have already started to lay off workers and slash services.
'via Blog this'