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Megan McArdle

We Are All Going to Pension Hell

Today's pension crisis shows there's a limit to how tightly past taxpayers can bind the citizens of the future.

One of the most startling moments of the Detroit bankruptcy was when a judge stepped in to stay the bankruptcy at the behest of the city's public sector unions...and then said that she was going to tell the president about this.

"It's cheating, sir, and it's cheating good people who work," the judge told assistant Attorney General Brian Devlin. "It's also not honoring the (United States) president, who took (Detroit's auto companies) out of bankruptcy."