The Long and Sorry Tale of Pension Promises

How did states and cities get into this mess? It's a simple case of human frailty; where to go from here.
From WSJ.

State Tax Revenue Snaps Back

From WSJ.

State Pension Value

State pension systems had an estimated funding ratio of 69% for fiscal year 2010, ending June 30, up from 65% for fiscal year 2009.

States Budget Outlook

States Continue to Feel Recession’s Impact.

Local Revenues Climb as Economy Recovers.